Gold ends slightly higher, marks first weekly rise in a month

Fri, 15 Dec 2017 18:41:17 GMT


Gold ended with a modest climb Friday, logging a gain for the week following three-straight weeks of declines. Prices got a boost after the Federal Reserve announced its decision this week to raise interest rates, as expected, and didn't change its forecast for inflation and interest rates in 2018. "Gold had already priced in the Fed rate increase in the last month and there was an element of 'sell the Fed rumour' and 'buy the Fed news'," said Mark O'Byrne, research director at GoldCore. "The outlook for gold is good. Seasonally, January is generally a good month to own precious metals, particularly gold," he said. February gold rose 40 cents to settle at $1,257.50 an ounce.

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