Gold Set For Worst Week In 3 Years

11/19/2024 12:40:01 AM

(MENAFN- Baystreet) Prices for gold were little changed on Friday, but was set for its worst week in more than three years, hurt by a stronger U.S. dollar amid expectations of fewer federal Reserve rate cuts.
Spot gold rose 0.1% to $2,569.69 per ounce after a five-session slide. It was down more than 4% for the week so far.
Bullion hit a two-month low in the previous session and has declined more than $220 from the record peak hit last month.
U.S. gold futures were up 0.1% at $2,574.50.
According to the CME Fedwatch tool, markets see a 59% chance of a 25-basis-point rate cut in December, down from 83% a day ago.
With a quiet U.S. calendar next week, experts say, gold could rebound, potentially retesting $2,600 level.
Spot silver rose 0.2% to $30.52 U.S. per ounce, platinum edged up 0.1% to $940.68 and palladium added 0.5% to $946.00. All three metals were headed for weekly falls.

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