Gold Stabilizes Near Seven-Week High

SadaNews - Gold prices stabilized near their highest level in seven weeks during trading on Friday, supported by expectations of further interest rate cuts next year, after the U.S. Federal Reserve deviated from market tightening bets, while silver continued to hover near the record peak it reached in the previous session.

Gold was nearly stable in spot transactions at $4280.34 per ounce but is heading toward weekly gains of about 1.8% after hitting its highest level since October 21 on Thursday. U.S. gold futures fell 0.2% to $4306.20 per ounce, according to CNBC.

Regarding other precious metals, silver rose 0.4% in spot transactions to $63.84 per ounce after recording a record level of $64.31 in yesterday's session, and it is set to achieve weekly gains of approximately 9.2%.

Gold has recorded an increase of more than 60% this year, while silver prices have doubled, making both metals on track for their best annual performance since 1979.

These sharp increases were driven by increased central bank purchases and a decline in investor interest in government bonds and currencies, while silver received support from strong industrial demand and decreased inventories, along with its inclusion in the list of critical metals in the United States.

Platinum also increased by 0.2% to $1698.45 per ounce, while palladium rose by 1.9% to $1512.0, with both metals heading toward weekly gains.