Gold was headed for a third straight week of gains on Friday after three consecutive record highs this week, bolstered by the Federal Reserve’s rate cut cues for the year and safe-haven demand amid geopolitical and economic uncertainties.
Spot gold eased 0.3 per cent to $3,034.09 an ounce as of 0235 GMT. Bullion reached an all-time high of $3,057.21 per ounce on Thursday and has climbed about 2 per cent so far this week.
US gold futures held steady at $3,042.60.
“I don’t think we even need to see a trigger per se for gold to hit another record high. All the fundamentals are there for it to keep trending higher,” Capital.com’s financial market analyst Kyle Rodda said.
“I can’t see an imminent correction for gold. But a pull back to the $3,000s for a bit of a recharge before extending the uptrend is quite likely.”
On Wednesday, the Fed held its benchmark rate steady in the 4.25 per cent-4.50 per cent range as expected. Policymakers see the central bank delivering two quarter-percentage-point cuts by year-end.
US President Donald Trump’s initial policies, including extensive import tariffs, appear to have tilted the US economy towards slower growth and at least temporarily higher inflation, Fed Chair Jerome Powell said after the policy meeting.
Elsewhere, 91 Palestinians were killed in airstrikes across Gaza on Thursday after Israel resumed bombing and ground operations, effectively shredding a two-month-old ceasefire.
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