World gold has best weekly gain in more than 2 years


Gold prices extended gains to a near-three-month high on Friday, as signs of inflation in the US cooled down reinforced the forecast that the US Federal Reserve (Fed) would be less “hawkish” in raising interest rates in the future.

At the close of trading on Friday, the spot gold contract advanced 0.6% to $1,765.26 an ounce, after touching its highest since August 18, 2022 at the start of the session. The gold contract is up 5% so far this week. Gold futures added 0.9% to $1,769.60 an ounce.

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