Gold prices were headed for their best week in a year on Friday, supported by safe-haven demand amid further escalations in the Russia-Ukraine war, while investors assessed the outlook for U.S. interest rate cuts.
Gold prices were headed for their best week in a year on Friday, supported by safe-haven demand amid further escalations in the Russia-Ukraine war, while investors assessed the outlook for U.S. interest rate cuts.
Bullion was up nearly 5% for the week so far, its best week since early October 2023.
Gold's appeal is bolstered by geopolitical tensions, economic risks and a low interest rate environment.
Meanwhile, the Chicago Federal Reserve President on Thursday reiterated his support for further U.S. interest rate cuts and his openness to slowing them down.
Persons:
Bullion, Edward Meir, Bitcoin, Michelle Bowman, Nicholas Frappell
Organizations:
Trump, Chicago Federal, ABC Refinery
Locations:
Russia, Ukraine, Dnipro, U.S