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Gold Poised for Weekly Gains as Traders Hope for More Fed Rate Cuts
Gold prices are on track for a weekly gain after the Federal Reserve delivered a much-anticipated quarter-point interest-rate cut this week and as investors hope for further easing next year.
Futures in New York rose 0.2% to $4,322.20 a troy ounce in early trading and are up 1.9% on the week. Meanwhile, silver futures traded at a record high of $64 an ounce.
“While silver has attracted speculative momentum on the back of the deficit narrative, gold’s moves remain more tightly linked to the broader policy outlook and real yields,” Sucden Financial analysts said. “We expect gold to continue behaving as the more grounded barometer of macro sentiment, with upside likely capped in the near term unless the dollar weakens much further.”
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