Gold Set for Weekly Gain

Gold prices inched higher on Friday and were on track for their first weekly rise in three, as a broadly weaker U.S. dollar and growing tensions in the Middle East lifted bullion’s appeal.

Spot gold was up 0.1% at $2,025.7 per ounce, as of 0411 GMT, and has gained 0.7% so far in the week. U.S. gold futures edged 0.2% higher to $2,035.3 per ounce.

Markets are currently pricing in a 62% chance of a Fed rate cut in June, according to the CME Fed Watch Tool. Lower interest rates boost the appeal of holding non-yielding bullion.

Spot platinum was down 0.4% at $898.05 per ounce and palladium fell 0.2% to $965.69. Silver gained 0.2% to $22.78 per ounce, but was down 2.6% so far in the week.

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