Singapore - Saba:
Gold prices recorded a weekly decline after the Federal Reserve (the US central bank) signaled a slowdown in cutting interest rates in 2025, while the market is awaiting US consumer spending data due later today.
According to Reuters, gold in spot transactions in Asian markets on Friday, 2596.89 dollars an ounce, but the precious metal lost about two percent for the week.
US gold futures rose 0.1 percent to $ 2611.30 an ounce.
The US central bank cut interest rates by 25 basis points, and the bank's indication of an expected slowdown in rate cuts pushed gold to its lowest level since November 18.
As for other precious metals, silver is heading for its worst weekly performance since December 2023, and in spot transactions fell 0.4 percent to $28.92 an ounce, while platinum fell 0.3 percent to $920.80 an ounce, and palladium held steady at $906.47 an ounce.
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