©Reuters. Gold bars in a photo from the Reuters archive.
By Brijesh Patel
(Reuters) – It moved higher on Friday, supported by a weak dollar, as investors braced for key US inflation data and a series of central bank meetings, with an eye on the Federal Reserve (the US central bank).
It was up 0.6% to $1,800.22 an ounce as of 12:56 GMT. US gold futures rose 0.6% to $1,812.80.
“Investors are watching. They’re just waiting for next week’s Federal Reserve and European Central Bank meetings, which will be the last major market mover this year,” said Carlo Alberto de Casa, an analyst at Kenesis Money.
The two-day US central bank meeting ends on December 14 and policymakers are expected to announce a 50 basis point rate hike.
In addition, the European Central Bank and the Bank of England will announce their interest rate decisions next week.
It fell 0.1% against major rival currencies, making gold less expensive for buyers of other currencies.
Other precious metals rose 0.1% to $23.10 and platinum rose 0.1% to $1,004.27. It was flat, then settled at $1927.25, but is heading for gains for the second straight week.
(Prepared by Duaa Muhammad and Rehab Alaa for the Arab Bulletin – Edited by Suha Jadu)
