Gold set for a four consecutive weekly gain
The metal climbed as the dollar fell back on the expectation the Fed may pause interest rates hikes if the US economy slows in 2019
Bengaluru — Gold prices climbed on Friday as the dollar fell back on the expectation the US central bank may pause interest rates hikes if the US economy slows in 2019, while investors awaited news on progress in the China-US trade talks. Spot gold rose 0.4% to $1,290.84/oz as at 3.10am GMT, heading for a fourth consecutive weekly gain. The yellow metal is up 0.4% so far this week. US gold futures were up 0.3% at $1,290.80/oz. “The weaker dollar and a more dovish Fed are the two most alluring factors for gold,” said Stephen Innes, Asia-Pacific trading head at Oanda. "There are concerns for the US economy to slow down, perhaps towards the end of 2019 and into 2020, so the markets are pricing rate cuts.” The dollar slipped against other major currencies, after having rebounded from three-month lows on Thursday following Federal Reserve chair Jerome Powell’s comment which suggested the central bank is not done tightening monetary policy just yet. A partial US government shutdown extend...
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