Gold set for weekly gain on bets of Fed pause

Gold prices remained unchanged on Friday, but the precious metal was on track for its biggest weekly gain in two months due to hopes of a halt in the US Federal Reserve's interest rate hike cycle and banking concerns, which boosted the appeal of gold as a safe-haven asset. The dollar index is also set for a weekly drop, making gold more attractive for overseas buyers while the European Central Bank (ECB) has slowed the pace of its rate increases although it signals further tightening is to come.

Gold set for weekly gain on bets of Fed pause
Gold prices remained unchanged on Friday, but the precious metal was on track for its biggest weekly gain in two months due to hopes of a halt in the US Federal Reserve's interest rate hike cycle and banking concerns, which boosted the appeal of gold as a safe-haven asset. The dollar index is also set for a weekly drop, making gold more attractive for overseas buyers while the European Central Bank (ECB) has slowed the pace of its rate increases although it signals further tightening is to come.