Gold heads for weekly losses, silver nears worst week in 2024

Gold is set to post a weekly decline on Tuesday after the Federal Reserve signaled it would slow the pace of interest rate cuts through 2025, while the market’s focus shifted to U.S. personal consumption spending data due later in the day. Spot silver is also set for its worst weekly performance since late 2023.

Spot gold was at $2,596.89 an ounce. The precious metal has lost about 2% over the week.

U.S. gold futures were up 0.1% at $2,611.30 an ounce, according to Reuters.

Sony Kumari, commodity strategist at Australian bank ANZ, said gold was holding steady as “investors wait for Trump to resume office next year, and the Fed will hold one meeting after another, studying the data and seeing what Trump’s trade policy will entail.”