2024-02-16T06:18:16+00:00
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/ Gold is heading for a second consecutive weekly decline on Friday after an unexpected rise in consumer prices in the United States prompted traders to rethink their expectations for interest rate cuts, although gold recovered some losses after a decline in consumer spending.
Spot gold was steady at $2,003.40 an ounce by 0427 GMT, down more than 1 percent since the start of the week. U.S. gold futures were also steady at $2,015.30 an ounce.
The metal recovered some of its losses this week, rising about 0.6 percent on Thursday after U.S. retail sales saw their biggest monthly decline since February 2023.
Atlanta Federal Reserve President Raphael Bostic said Thursday he is not yet ready to call for a rate cut and forecast two cuts for 2024, lower than the Fed’s consensus forecast of three cuts in 2024. Dec.
The Fed will update those expectations at its policy meeting next month, when it is expected to keep interest rates steady. Traders expect the first cut to likely arrive in June.
Spot platinum fell 0.7% to $892.04 an ounce, palladium fell 1.5% to $938.55, while silver rose 0.1% to $22.93.