Gold eyes second weekly gain on US rate cut optimism

Washington, June 21 (BNA): Gold prices were set to post a second consecutive weekly gain on Friday as recent softer U.S. economic data kept traders optimistic for interest rate cuts later this year, with other precious metals also heading for a weekly gain.


Spot gold was up 0.2% at $2,363.06 per ounce, as of 0953 GMT, after hitting a two-week high earlier in the session, Reuters reported.


Bullion has gained more than 1% so far in the week, adding to the 1.7% increase last week.


Spot silver fell 1.1% to $30.37 per ounce, but following gold’s trajectory, it was also up 3% so far for the week.


Spot platinum was up 0.8% at $986.05 and palladium gained 1.5% to $937.56. Both metals were also headed for weekly gains.


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