Gold Set For Weekly Drop

2024-12-20 08:11:14

(MENAFN- Baystreet) Gold prices were set for a weekly decline on Friday after the U.S. Federal Reserve's verdict on its monetary policy-easing cycle signaled a slowdown in rate cuts, while focus shifted to the U.S. Personal Consumption Expenditure data due later in the day.
Spot gold was little changed at $2,596.89 U.S. per ounce, early Friday and has lost about 2% so far this week.
U.S. gold futures nudged 0.1% higher to $2,611.30.
Gold is consolidating as“investors await Trump to resume office next year and the Fed will also go meeting by meeting, considering the data development and seeing what is part of Trump's trade policy,” said one observer.
According to Reuters technical analyst Wang Tao, spot gold may retest the support at $2,582 per ounce.
For its part, silver was headed for its worst week since December 2023. Spot silver fell 0.4% to $28.92 U.S. per ounce.
Platinum was down 0.3% at $920.80 U.S. and palladium steadied at $906.47 U.S.. Both the metals were poised for weekly losses.

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