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Bloomberg: EUFN
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Gold Eyes Biggest Weekly Gain Since March 2018

Eray Bekir

Gold prices steadied on Friday, but remained on course for their biggest weekly gain since March 2018, after rising expectations for a U.S. rate cut and concerns over trade tussles boosted demand for safe-haven bullion. However, having failed earlier this week to breach its 2019 high of $1,346.73, analysts expect the metal to consolidate until there is fresh impetus.

Spot gold was up 0.6% at $1,342.80 per ounce, while U.S. gold futures were up 0.36% at $1,347.50.

“We have had quite a move higher earlier this week, but we are moving towards levels where the market will struggle to go much higher,” ING analyst Warren Patterson said.

Gold has rallied in a short span of time, having gained about 2.3% this week. “Overall sentiment is still fairly supportive for the gold market,” Patterson added, attributing the recent rally to a two-pronged U.S. trade spat with Mexico and China, and hopes for an interest rate cut by the U.S. Federal Reserve.

Source: www.cnbc.com



International Financial Markets Department

Euro-Finance Ltd.



*This material should not be considered as a recommendation for buying/selling securities.