Gold poised for third weekly gain as markets look to Trump inauguration
Gold prices were pressured by an uptick in the U.S. dollar on Friday, but remained on track for a weekly gain as uncertainties around incoming President Donald Trump's policies and renewed bets of further rate cuts lifted bullion above the key $2,700 level.
Spot gold eased 0.4% to $2,701.03 per ounce by 03:10 p.m. ET (2010 GMT), while U.S. gold futures settled 0.1% lower to $2,748.70.
«The pullback today is not significant, but more of a profit-taking move than anything else, maybe helped by the dollar being a little higher in the day, adding some light pressure,» said David Meger, director of metals trading at High Ridge Futures.
Gold hit over one-month high on Thursday, $65.6 away from its all-time high of $2,790.15 hit in October. Prices have gained 0.5% so far for the week, their third straight weekly gain after softer-than-expected U.S. core inflation figures on Wednesday intensified speculation of more than a single rate cut from the Fed.
Traders are pricing in two rate cuts by year-end, with Fed Governor Christopher Waller hinting at the possibility of more cuts should economic data weaken further.
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