Gold rises on bargain hunting but heads for weekly decline
Gold rose on Friday as bargain hunting emerged after prices hit a more than one-year low in the previous session, while market focus shifted to upcoming US inflation data. Spot gold climbed 1.1% to $3,918.59 per ounce by 0518 GMT, but has lost 3.6% so far this week. US gold futures for December delivery gained 1% to $3,922.60. “Today’s move is more of a positioning adjustment, given that several…
Gold prices rose on Friday as bargain hunters sought out the metal following its one-year low hit the previous day. The spot price climbed 1.1% to $3,918.59 per ounce by 0518 GMT, but has since lost 3.6% for the week. Market analysts noted that the move was more of a positioning adjustment, with short-term momentum indicators hitting extreme oversold levels. The upcoming US inflation data and Federal Reserve's potential rate hikes were seen as key drivers for gold's performance.
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Also reported by 1 other outlet
- Gold inches higher but heads for weekly loss on Fed hike concerns economictimes.indiatimes.com
