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Gold Readies for 3rd Weekly Gain on Fed Stance

Gold prices were set to mark a third straight weekly rise on Friday, after data showing cooling inflation cemented bets for a rate cut in the U.S., with traders looking forward to comments from Federal Reserve’s Chair Powell later in the day.

Spot gold rose 0.2% at $2,039.42 per ounce U.S., after marking an over $60 rise in November — its second straight monthly rise.

U.S. gold futures for February delivery rose 0.1% to $2,059.00.

Data on Thursday showed U.S. consumer spending rose moderately in October, while the annual increase in inflation was the smallest in more than 2-1/2 years.

Cooling inflationary pressures, and an easing labor market make a case for an end to the Federal Reserve’s interest rate hiking campaign and boost the possibility of rate cuts in the months ahead, something two Fed officials also flagged this week.

Traders have reportedly advanced their bets for a rate cut by the U.S. central bank from about an 80% chance in May to a one-in-two chance in March.

Lower interest rates reduce the opportunity cost of holding non-interest-bearing bullion.

Spot silver rose 0.2% to $25.29 per ounce. Platinum was down 0.1% to $925.67. Palladium rose 0.6% to $1,013.52 per ounce.