Gold set for weekly decline amid profit-taking
Gold prices declined today, Friday, heading towards a weekly loss after recent gains driven by moderate US inflation data that diminished expectations of a Federal Reserve interest rate hike. Spot gold fell by 0.37% to $4,334.74 per ounce, while December futures declined approximately 1% to $4,379.20. This followed gold reaching its highest level since June 5th before closing Thursday with a 1.3% decline, prompting a market retreat as investors sought profit-taking opportunities. The declines are attributed to the halt of US interest rate hike triggers, with expectations that gold prices could surpass the $4,400 level and reach $5,000 by the end of the year if the upward momentum continues, especially amid ongoing geopolitical tensions and subdued projections for rate hikes due to moderate economic data.
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