Gold prices hovered close to an all-time high on Friday, driven by a weaker dollar and expectations of a US interest rate cut.
Moreover, the metal is on track for a weekly gain, driven by investor expectations ahead of upcoming US economic data, which may impact the Federal Reserve’s monetary policy decisions.
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In addition, spot gold remained steady at $2,558.19 per ounce, gaining 2.5% for the week. In the previous session, bullion surged over 1%, hitting a record high after US data hinted at a slowing economy. US gold futures also edged up by 0.2%, reaching $2,586.60.
The dollar weakened by 0.3%, making gold more affordable for international buyers, while US producer prices rose slightly more than anticipated in August. However, inflation continues to show signs of cooling.
