May 24 - Gold prices rose on Friday as the dollar slipped, but were headed for their worst week in five and a half months as hopes of interest rate cuts by the U.S. central bank tamed.
"What we've always had was a little bit of a lack of interest from the Western investors on uncertainty over when the Fed will cut rates...once the Fed cuts rates, they would increase exposure again," said Michael Widmer, Bank of America's head of Metals Research. Traders' bets signalled growing doubts that the Fed will cut rates more than once in 2024, currently pricing in about a 63% chance of a rate cut by November according to the CME FedWatch Tool, opens new tab.Despite uncertainty around U.S. rate outlook, gold prices managed to gain 13% so far this year, largely on the back of strong Chinese demand and ongoing geopolitical uncertainties, analysts have noted.
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Gold SWOT: China’s central bank topped up its gold reserves for an 18th straight monthThe Kitco News Team brings you the latest news, videos, analysis and opinions regarding Precious Metals, Crypto, Mining, World Markets and Global Economy.
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