Gold rose for a fourth day as the dollar weakened and tensions in Ukraine raised demand for safe-haven assets.
Bullion rose as much as 1% to trade near $2,665 an ounce on Friday, but was still down about 2% for the week after a cease-fire deal between Israel and Hezbollah earlier in the week. President Vladimir Putin warned Thursday that his forces could strike "decision-making centers" in Kyiv with ballistic missiles, in retaliation for Ukrainian attacks on Russia using Western missiles.
The U.S. currency gauge fell on Friday, and was on track for its first weekly decline in eight weeks. A weaker dollar makes gold cheaper for many buyers. The precious metal is still up nearly 30% this year, supported by the Federal Reserve's monetary easing cycle, central bank purchases and rising geopolitical and economic risks. There are hopes for a new record in 2025, with Goldman Sachs Group Inc. and UBS Group AG both issuing bullish outlooks this month.
Spot gold rose 1% to $2,663.03 an ounce as of 1:31 p.m. in Singapore. The Bloomberg Dollar Spot Index fell 0.2%, and is down 1.1% this week. Silver, platinum and palladium gained.
Swap markets are pricing in a more than 60% chance that the Fed will cut borrowing costs again next month, up from about the same chance earlier this week. Lower borrowing costs typically benefit gold, since it doesn't pay interest.
Source: Bloomberga
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