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The Economic Times
The Economic Times
Business

Gold hits one-week high, heads for weekly gain on bargain-hunting

Gold US Federal Reserve Interest Rates St. Louis Fed Inflation US Treasury

Gold rose for a second straight session on Friday to a one-week high, as bargain buying emerged after bullion touched a two-month low earlier this week, while traders assessed the likelihood of further US Federal Reserve interest rate hikes.

Spot gold rose 1.4% to $4,190.49 by 11:44 a.m. EDT (1544 GMT), heading for a weekly gain of about 1.2%. The metal fell to a two-month low on Wednesday as a stronger dollar and rising US Treasury yields weighed on the non-yielding metal.

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