Gold price heads for fifth straight weekly gain

Gold moved higher on Friday and is headed for a fifth straight weekly gain, as the market digests this week’s US rate cut and weighs up the Federal Reserve’s policy path for the rest of this year.Spot gold rose 0.6% at $3,665.54 per ounce as of 11:15 a.m. ET, while US gold futures climbed 0.7% higher at $3,702.30 per ounce in New York.Click on chart for live prices.Bullion is now on track for another weekly gain of 0.3%, riding the momentum of a record-setting rally that sent prices to an all-time high of $3,706.90 an ounce right after Wednesday’s 25-basis-point rate cut by the Fed.However, the US central bank also gave warnings of persistent inflation, casting doubt over the pace of future easing.Fed Bank of Minneapolis President Neel Kashkari said job market risks warranted this week’s rate cut and likely reductions at the central bank’s next two meetings.Lower interest rates reduce the opportunity cost of holding non-yielding assets like gold. The metal also tends to perform well during periods of uncertainty and has gained about 40% since the start of the year.“Gold remains pretty strong here and is just seeing a pause after the Fed. The bullish trend remains intact with new highs inevitable and realistically we could see $4,000 before year-end,” said RJO Futures market strategist Bob Haberkorn, in a note to Reuters.Gold uptrend intact, but due for correction before topping $4,000 in 2026Commenting on the recent pullback from the $3,700 level, Haberkorn noted that many investors are simply turning to alternatives such as platinum and silver, since they are more affordable than gold.For reference, silver recorded a gain of 2.2% on Friday to hit $42.76 per ounce and is up 0.6% for the week, surpassing the performance of gold.Secure your wealth today — buy gold bullion directly through our trusted partner, Sprott Money.Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com