Gold falls for the second week in three as rate cut optimism fades


Three 1kg gold bullion bars worth over 155,00 GBP lay on the counter in a gold dealers in Birmingham’s jewelry quarter on December 13, 2023 in Birmingham, England. Gold prices have increased since the Ukraine War but have soared to record highs since the start of the Hamas-Israel war. Other factors are the weakening US dollar and expected rate cuts from the Federal Reserve. 

Christopher Furlong | Getty Images

Gold firmed on Friday but still notched its second down week in three as comments from Federal Reserve policymakers throughout the week lowered expectations of an early rate cut.

Spot gold rose nearly 0.3% to $2,027.98 per ounce on Friday but was down 1% in the week. U.S. gold futures rose about 0.5% to $2,030.6. The dollar index dipped 0.87% but was up 1% for the week. A stronger dollar makes gold more expensive for foreign currency holders.



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