Gold is on Track for Biggest Gains in Two Months

Gold prices are on track today, Friday, to achieve their largest weekly gains in nearly two months, as a weakening dollar and hopes that the Federal Reserve will pause interest rate hikes enhance the appeal of the yellow metal. Spot gold prices remained stable at $1,979.24 per ounce by 04:57 GMT, while U.S. gold futures saw little change at $1,996.60. Gold has risen 1.7% this week, heading for its best week since the week ending April 7. Edward Moya, a metals analyst at "Marekts," stated that "market sentiment for gold remains positive and prices could move slightly higher as the Federal Reserve is expected not to raise interest rates in June." The dollar index fell to its lowest level in a week, making gold less expensive for buyers holding other currencies. In terms of other precious metals, silver fell 0.1% in spot transactions to $23.92 per ounce but rose 2.7% over the week. Meanwhile, platinum remained at $1,006.76, and palladium increased by 0.3% to $1,399.02, with both metals likely to incur weekly losses.