Gold prices edged higher on Friday, set for a second consecutive weekly gain, as the U.S. dollar tumbled and recent economic data prompted bets that the Federal Reserve is nearing the end of its rate-hike cycle.
Spot gold was up 0.1% at $2,042.01 per ounce, as of 0534 GMT, hovering near a one-year high reached on Thursday. U.S. gold futures rose 0.1% to $2,056.70."The appetite to sell the U.S.
dollar in the wake of soft inflation data, lower yields and calls for a lower terminal Fed rate have been a huge driver for gold," said Matt Simpson, a senior market analyst at City Index.
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