CHICAGO — Gold futures on the COMEX division of the New York Mercantile Exchange rose on Friday as the Federal Reserve is expected to slow its rate hikes, reported Xinhua.
The most active gold contract for February delivery rose US$4.3, or 0.22 per cent, to close at US$1,928.2 per ounce.
Gold rose 0.3 per cent for the week, the fifth weekly climb in a row, and the longest weekly gain since August 2020.
Philadelphia Fed President Patrick Harker said Friday at a New Jersey Bankers Association meeting that he expects 25-basis point rate increases to be appropriate going forward after an aggressive rate-hiking campaign last year. He expects the Federal Reserve will need to raise rates a few more times.
Investors have started to price in the risk associated with US real estate credit, which market analysts note is distressed, supporting gold.
The National Association of Realtors reported Friday that US existing-home sales fell 1.5 per cent to a seasonally adjusted annual rate of 4.02 million in December, the lowest monthly rate since November 2010.
Silver for March delivery rose 6.5 cents, or 0.27 per cent, to close at US$23.935 per ounce. Platinum for April delivery rose US$6.7, or 0.64 per cent, to close at US$1,047.8 per ounce. — BERNAMA