Gold futures climbed Friday for a fourth consecutive session to end the week modestly higher. The week was quiet for precious metals prices, “largely due to an equally uneventful week for some of the key drivers of prices,” such as the U.S. dollar, said Caroline Bain, chief commodities economist at Capital Economics. Instead, the focus is on next week, when we expect the Federal Reserve to slow the pace of its tightening cycle with a 50 [basis point] hike, she said. “We think U.S. inflation is set to fall sharply in the coming months and that the Fed will start easing policy in late 2023, giving a boost to all precious metals prices.” Gold for February delivery GCG23 rose $9.20, or 0.5%, to settle at $1,810.70 an ounce on Comex, ending nearly 0.1% higher for the week, according to Dow Jones Market Data.
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