Gold Set for Worst Week in 3 Years - InvestingChannel

Gold Set for Worst Week in 3 Years

Prices for gold were little changed on Friday, but was set for its worst week in more than three years, hurt by a stronger U.S. dollar amid expectations of fewer Federal Reserve rate cuts.

Spot gold rose 0.1% to $2,569.69 per ounce after a five-session slide. It was down more than 4% for the week so far.

Bullion hit a two-month low in the previous session and has declined more than $220 from the record peak hit last month.

U.S. gold futures were up 0.1% at $2,574.50.

According to the CME Fedwatch tool, markets see a 59% chance of a 25-basis-point rate cut in December, down from 83% a day ago.

With a quiet U.S. calendar next week, experts say, gold could rebound, potentially retesting $2,600 level.

Spot silver rose 0.2% to $30.52 U.S. per ounce, platinum edged up 0.1% to $940.68 and palladium added 0.5% to $946.00. All three metals were headed for weekly falls.

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