Gold prices held near a two-week high on Friday, and were set for their biggest weekly gain in more than two months, on renewed signs that the U.S. Federal Reserve may not taper economic support and hike interest rates in the near term.
Early Friday morning, spot gold was steady at $1,827.70 U.S. per ounce. The shiny yellow metal had hit its highest since July 15 at $1,832.40 on Thursday. Bullion was on track for its biggest weekly gain since May 21, having risen 1.5% so far.
U.S. gold futures eased 0.2% to $1,827.70 U.S, per ounce.
A poll of experts indicated gold prices will average slightly above their current level of $1,830 U.S. an ounce for the remainder of 2021 before edging lower next year as the global economy recovers and central banks begin to tighten monetary policy.
Another poll showed that analysts revised up their forecasts for palladium, with a chronic shortage of the metal used to reduce harmful engine emissions expected to keep prices close to record levels.
Silver dipped 0.3% to $25.46 U.S. per ounce, palladium rose 0.4% to $2,655.21 U.S., while platinum fell 0.7% to $1,053.47 U.S.
