Gold prices in the global market remained close to a seven-week high on Friday as investors anticipate that the U.S. Federal Reserve will further cut interest rates next year.
According to sources, recent statements by Fed officials dismissed the market’s hawkish outlook, prompting investors to move toward alternative and safe-haven assets.
Spot gold saw a slight decline, settling at $4,275.44 per ounce, but on a weekly basis it recorded an increase of nearly 1.8%. It is noteworthy that on Thursday, gold reached its highest level since 21 October. U.S. gold futures also saw a minor dip, trading at $4,306.20.
Silver prices also rose, reaching $63.84 per ounce. On Thursday, silver hit a new high of $64.31. Due to industrial demand, shrinking inventories, and its inclusion on the U.S. critical minerals list, silver prices have more than doubled this year.
Additionally, platinum and palladium prices also recorded gains and both metals are trending positively on a weekly basis.
