Gold prices were on track for a weekly jump, driven by a weaker U.S. dollar and lower Treasury yields, after the Federal Reserve indicated lower borrowing costs next year.
Spot gold, which edged up 0.3% at $2,041.70 per ounce, has risen 1.9% so far this week. U.S. gold futures gained 0.6% to $2,056.40.
Fed Chair Jerome Powell said on Wednesday the tightening of monetary policy is likely over, with a discussion of cuts in borrowing costs coming “into view,” an outlook affirmed by 17 of 19 policymakers.
Markets are pricing in around a 75% chance of a rate cut in March, according to reports.
Silver firmed 0.37% to $24.2 per ounce, while platinum gained 0.2% to $960.30. Both metals were also poised for weekly gains.
Meanwhile, palladium rose 3% to $1,135.56 and was headed for its best week since March 2022. Prices had touched a five-year low earlier this month.
