Key Points
(Reuters) Gold prices fell on Friday after grazing a record high in the previous session as the dollar firmed, but was set for a weekly gain after the U.S. Federal Reserve said it expected three rate cuts in 2024...
It was on track for a fourth weekly gain in five, up 0.5% so far..
While the dollars ascent is a burden on gold and precious metals, the major factor is the medium-term development of Fed cutting its interest rates soon and this is clearly pointing towards lower opportunity costs for holding gold, said Quantitative Commodity Research analyst Peter Fertig...
Gold prices scaled a new record high for the fifth time this month on Thursday as Fed members said they still planned to cut rates by three-quarters of a percentage point this year, despite recent strong inflation readings...
Investment flows into gold in the week to Wednesday hit their highest in almost a year, while investors pulled funds from cash equivalents and stocks, Bank of America Global Research said.. Silver dropped 0.8% to $24.57 per ounce, platinum fell 0.2% to $905.90 and palladium lost 0.3% to $1,007.75..
