Gold is headed for a weekly decline, as traders weigh the outlook for interest rates after the U.S. Federal Reserve reduced expectations for a rate cut next year.
Bullion is trading above $2,605 an ounce, down 1.6% for the week. The Fed cut interest rates on Wednesday, but investors are more focused on comments from Chairman Jerome Powell, who said that while the bank is "on track to continue cutting," officials must first see more progress on inflation. Lower interest rates are usually positive for gold, as it does not pay interest.
Source: Newsmaker.id
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