Gold on track for its third weekly gain as stocks dip
Gold has risen 0.7% so far this week; SPDR gold holdings up 2.5% in past two weeks
Bengaluru — Gold prices edged up on Friday, setting the metal on course for a third week of gains as weaker stock markets spurred investors to seek refuge in bullion, which also gained technical momentum after scaling major milestones. Spot gold had added 0.2% to $1,226.85 an ounce by 11.15am GMT. The metal has gained 0.7% so far this week, after hitting a two-and-a-half-month high at $1,233.26 on Monday. US gold futures were steady at $1,229.80 an ounce. “Gold has done really well to hold up here, given the US Federal Reserve was really hawkish. Sensitivity to equity markets is helping gold at the moment,” Macquarie commodity strategist Matthew Turner said. “We are entering a new paradigm, where any further rate hike could be a sign that the economy is overheating a bit, which should be more positive for gold and problematic for equities.” Every Fed policy maker backed raising interest rates last month, according to September meeting minutes released on Wednesday. Rising interest r...
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