Gold is poised for a third straight weekly gain as investors assessed the Federal Reserve’s policy shift to a prolonged pause in monetary policy tightening.
Spot gold +0.3% to $1,312.66/oz at 7:56am in London; +0.8% this week. Bloomberg Dollar Spot Index -0.1%; -0.4% this week. Silver +1.7% this week to head for biggest weekly gain since Jan. 25, Platinum +0.5%; +4.1% this week, Palladium +0.2%; prices hit record $1,614.88/oz on Thursday.
Traders and analysts retained a bullish outlook on the precious metal in a weekly Bloomberg survey, as the Fed adopted a more dovish tone by signaling it won’t raise U.S. interest rates this year at its meeting on Wednesday. Still, Pictet Wealth Management expects prices to trade “sideways” in the short-term, with more upside seen in 2020.
Source : Bloomberg