Economy News – Follow-up
Gold prices fell when trading was settled on Friday, but posted weekly gains, amid expectations from the U.S. Federal Reserve that interest rate will cut next year.
At settlement, gold futures fell by 0.4% to $2035.7 an ounce, but posted weekly gains.
Coinciding with gold gains, the dollar fell, which recorded weekly losses, boosting the chances of buying the yellow metal for foreign buyers.
According to the CME FedWatch tool that measures interest rate projections, 70% of estimates currently indicate a possible rate cut in March, and low interest rates boost appetite for non-return assets like gold.
