Gold Prices Ease on Friday but Set to Gain on the Week

Gold prices went down almost 1% to $2020 an ounce on Friday, as the dollar rebounded slightly and as investors continue to adjust their expectations for the monetary policy and the economic outlook. The Fed is still seen delivering a 25bps hike next month although there are increasing expectations it could pause the tightening cycle after that. Despite Friday’s fall, the bullion is up 0.8% on the week and holds close to levels not seen since March last year, prompted by a weaker dollar, and prospects that major central banks, and especially the Fed, are nearing the end of the tightening cycle.