Gold faces worst week in more than 3 years on bets of slower Fed easing

Home Business Gold faces worst week in more than 3 years on bets of slower Fed easing 15-11-2024 11:00 AM Ammon News - Gold edged down on Friday and was set for its worst week in more than three years, hurt by a stronger U.S. dollar amid expectations of fewer Federal Reserve rate cuts. Spot gold was down 0.1% at $2,562.61 per ounce, as of 0554 GMT. It has fallen more than 4% so far in the week. U.S. gold futures were down 0.2% at $2,567.10. The U.S. dollar continued its relentless march higher this week following Donald Trump's election victory, making bullion more expensive for other currency holders. Data on Thursday showed that U.S. producer prices picked up in October, adding to signs that progress towards lower inflation was stalling. Investors are awaiting U.S. retail sales data, due at 1330 GMT, and comments from several Fed officials later in the day. Spot silver fell 0.3% to $30.37 per ounce, platinum edged up 0.1% to $940.45 and palladium added 0.5% at $945.75. All three metals were on track for weekly falls.

Home Business

Gold faces worst week in more than 3 years on bets of slower Fed easing

15-11-2024 11:00 AM

Ammon News - Gold edged down on Friday and was set for its worst week in more than three years, hurt by a stronger U.S. dollar amid expectations of fewer Federal Reserve rate cuts.

Spot gold was down 0.1% at $2,562.61 per ounce, as of 0554 GMT. It has fallen more than 4% so far in the week.

U.S. gold futures were down 0.2% at $2,567.10.

The U.S. dollar continued its relentless march higher this week following Donald Trump's election victory, making bullion more expensive for other currency holders.

Data on Thursday showed that U.S. producer prices picked up in October, adding to signs that progress towards lower inflation was stalling.

Investors are awaiting U.S. retail sales data, due at 1330 GMT, and comments from several Fed officials later in the day.

Spot silver fell 0.3% to $30.37 per ounce, platinum edged up 0.1% to $940.45 and palladium added 0.5% at $945.75. All three metals were on track for weekly falls.

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