Gold hits two-week high amid expectations of rate hike halt

Gold prices rose on Friday to their highest level in two weeks and are on track to record their first weekly gains in three weeks, amid increasing investor bets that the Federal Reserve (the US central bank) has reached the end of its monetary tightening cycle, putting pressure on the dollar and Treasury bond yields. .

According to Reuters, by 1235 GMT, gold in spot transactions rose 0.4% to $1,988.90 per ounce, after recording its highest levels since November 3 at $1,993.29. Prices rose 2.7% during the week

US gold futures increased 0.3% to $1,992.30.

Market traders expect interest rates to be cut by next May after data indicated a slowdown in inflation.

Ten-year Treasury bond yields also fell

As for other precious metals, silver rose 1.4 percent to $24.02 per ounce, bringing its rise this week to 8.2 percent. Platinum rose 1.3% to $903.74, continuing its gains of 7.7% during the week. Palladium also increased 1.7% to $1,055.68 per ounce, and is heading for its best weekly performance in a year.

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