Tokyo, July 21 (BNA): Gold prices were on track for a third consecutive weekly gain on Friday, boosted by hopes that the US Federal Reserve will halt interest rate hikes after its meeting in July.
Spot gold was up 0.1% at $1,970.69 an ounce, as of 0615 GMT, up 0.7% so far this week, according to Reuters.
On Thursday, the metal fell from a two-month high as dollar and bond yields rose on the back of stronger-than-expected US labor market data. US gold futures rose 0.1% to $1,972.80.
Gold prices were supported by expectations that the Federal Reserve will raise interest rates for the last time next week in the current tightening cycle.
Gold is seeing some “pre-priming ahead of next week’s FOMC meeting,” said Ilya Spivak, head of global macro at Tastylive, noting that the Fed had earlier indicated against easing interest rates in the near term.
The dollar index fell 0.1%, but was heading for a weekly rally, while benchmark US Treasury yields were higher.
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