Spot Gold eased from a record high of $3,057.21 per troy ounce on Friday, but looked set for a third consecutive weekly advance on prospects of Fed interest rate cuts by the end of 2025 and as geopolitical and economic uncertainty buoyed safe haven assets.
The Federal Reserve kept its federal funds rate target range without change at 4.25%-4.50% at its March meeting and flagged two potential interest rate cuts by year-end.
The US central bank revised down its GDP growth forecasts and raised its core PCE inflation forecasts in the wake of the Trump administration’s extensive import tariffs.
Markets have fully priced in a Fed rate cut in July.
Developments on the geopolitical front have also lent support to the yellow metal. 91 Palestinians lost their lives in air strikes across Gaza on Thursday, as Israel resumed bombing and ground operations.
Spot Gold was last down 0.35% on the day to trade at $3,034.05 per troy ounce.
The precious metal has gained 1.59% so far this week and 15.55% year-to-date.
“All the fundamentals are there for (gold) to keep trending higher,” Capital.com’s financial market analyst Kyle Rodda was quoted as saying by Reuters.
“A pull back to the $3,000s for a bit of a recharge before extending the uptrend is quite likely.”
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