Gold is set for second weekly gain on global slowdown concerns
Palladium is set for its third straight weekly gain and platinum has its best week since early January
Bengaluru — Gold held steady on Friday, on course for its second straight weekly gain, with weak economic data from the US compounding worries about a global slowdown while investors await concrete signals on US-China trade talks. Spot gold was little changed at $1,322.06 an ounce as of 10.38am GMT. The metal was headed for a second straight weekly rise, up almost 0.1% this week, having scaled a 10-month peak at $1,346.73 on Wednesday. US gold futures were up 0.1% at $1,329.1 an ounce. “The market is expecting the dollar to weaken. We expect growth in the US to slow,” said Natixis analyst Bernard Dahdah. The dollar index was little changed against six major currencies, but was set for its biggest weekly fall in a month. The dollar, which is increasingly sought as a refuge for investors against the backdrop of the US-China trade spat, has been pressured recently on signs of a breakthrough in talks. Minutes of the US Federal Reserve’s latest meeting painted a slightly less dovish pict...
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