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Gold Gains Ahead of U.S. Rate Outlook
Gold prices in Asian markets rose by more than 1.1% today, Friday, amid investor anticipation of the US interest rate hike path and its impact on currencies and yields. The ounce increased to $4,177.44 in spot trading and to $4,202 in futures contracts. Other precious metals also gained: silver rose by 1.4% to $60.16, aluminum by 2.6% to $1,676.67, and palladium by 2.8% to $1,154.70, despite these metals heading towards weekly losses. A decline in the US dollar and Treasury yields supported gold’s appeal, especially as the dollar's rise halted and Treasury yields fell for the second consecutive session, boosting investor interest in the yellow metal as a safe haven.
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