English
Gold is heading for gains for the second week with optimism about US interest rates
Gold prices are heading towards achieving gains for the second week in a row, which ends today, Friday, June 21, as US economic data kept traders optimistic about the possibilities of an interest rate cut later this year.
By 1331 GMT, gold in spot transactions fell 0.2% to $2,354.86 per ounce, but the yellow metal rose 0.9% so far this week, in addition to a 1.7% rise last week.
US gold futures settled at $2,368.70.
Yesterday, Thursday, June 20, data revealed that new applications for unemployment benefits in the United States decreased slightly last week, and new housing construction also declined. Data showed a slowdown in retail sales last month. All this data keeps the possibility of a rate cut in September.
Low interest rates reduce the opportunity cost of holding non-yielding gold.
Other precious metals are also heading for weekly gains.
Silver in spot transactions fell 1.9% on Friday to $30.13 per ounce.
Platinum in instant transactions increased 1.5% to $992.72, and palladium rose 5.5% to $974.25.
