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Bloomberg: EUFN
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Gold Eyes Biggest Weekly Gain Since March 2018

Author:
Eray Bekir
Investors

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.

forex@eurofinance.bg

www.eurofinance.bg 

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