Gold holds steady, on track for first weekly gain in four

Economy

14-06-2024, 09:12

+A -A

INA-source
GOLD prices held steady on Friday, and were on track for their first weekly gain in four, despite falling over 1 per cent in the previous session after the US Federal Reserve projected just one interest rate cut this year.

Spot gold was unchanged at US$2,303.43 per ounce, as of 0134 GMT. Bullion gained 0.5 per cent so far for the week. US gold futures held steady at US$2,318.50.

Fed policymakers, on Wednesday, pushed out the start of rate cuts to perhaps as late as December, implying they will lower rates only once this year, dashing hopes of two cuts and despite some progress in controlling inflation.

Source- businesstimes