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Gold Aims for 2nd Straight Weekly Gain

Gold held steady on Friday, set for its second consecutive weekly gain, supported by a weaker U.S. dollar as markets grew confident that the Federal Reserve was done with its interest rate hikes.

Spot gold held ground at $1,992.73 U.S. per ounce. Bullion has risen 0.7% this week. U.S. gold futures were little changed at $1,993.60 U.S.

The dollar index was on track for a second weekly drop, making gold less expensive for other currency holders.

Traders widely expect the Fed to leave rates unchanged in December, while pricing in about a 26% chance of a rate cut as early as March.

Lower rates decrease the opportunity cost of holding gold.

Spot gold may retest a resistance at $1,999 per ounce, a break above which could lead to a gain into $2,009 to $2,016 range.

Spot silver gained 0.2% to $23.71 U.S. per ounce, palladium rose 0.3% to $1,049.12 U.S. Platinum eased 0.1% to $914.68 U.S., but was heading for its second weekly rise.

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