London — Gold rose on Friday and was on course for its first weekly gain since February as the dollar hit a five-week low following the Federal Reserve’s cautious message on interest rates, making bullion cheaper for holders of non-US currencies. The Fed raised US rates on Wednesday as expected, but left its earlier forecast of three rate increases in 2017 unchanged, disappointing some investors who had hoped for hints of a possible fourth increase in 2017. Spot gold was up 0.2% at $1,228.96/oz at 10.53am GMT, taking its gains this week to 2%. On Thursday the metal hit $1,233.13, its highest since March 6. US gold futures were up 0.1% at $1,228.7. "What’s happening now is just an inverse trade against the dollar," said Jiang Shu, chief analyst at Shandong Gold Group. US President Donald Trump’s failure so far to push through promised economic stimulus measures could have influenced the Fed, Tom Kendall at ICBC Standard Bank said. "If infrastructure spending and tax cuts are being pu...
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