17-Jan-2025      15:27

Gold set for third weekly gain on Fed rate cut hopes

Gold slipped below $2,735 per ounce in Asian trading but is set for a third straight weekly rise, gaining about 1% so far. The rally has been driven by a weaker U.S. dollar and renewed expectations for Federal Reserve rate cuts, following softer inflation and weak retail sales data. Fed Governor Christopher Waller's remarks on possible multiple rate cuts boosted the non-yielding metal's appeal. Meanwhile, easing geopolitical tensions, including a ceasefire agreement between Israel and Hamas, tempered demand for safe-haven assets.

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