Gold heads for first weekly gain in a month as Fed rate-hike bets fade
Gold prices are on track for their first weekly rise in a month as investors scaled back bets on a looming US Federal Reserve rate hike. Softer economic data and easing oil prices lifted the metal, with silver also trading firmer.
Gold is set to end the week higher as investors pared back expectations that the US Federal Reserve will raise interest rates in the near term. It would be the metal's first weekly gain in a month.
Analysts said recent soft jobs data and easing oil prices pushed the rate-hike scenario into the background. Because gold pays no yield, it tends to gain appeal when the odds of higher rates recede.
Silver also traded firmer through the week. Investors are watching upcoming inflation and employment figures, along with comments from Fed officials, for signals that could set the direction for precious metals in the days ahead.
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