‎Gold rises, remains on track for weekly losses

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Gold bars

Gold prices rose during Friday’s trading as the US dollar and oil prices declined, but remained on track for a weekly loss.

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The US Dollar Index, which measures the greenback against a basket of six major currencies, fell 0.6% to 101.93, heading for its first weekly decline in five weeks.

According to CME Group’s FedWatch tool, traders are pricing in a 28% probability of the Federal Reserve raising interest rates later this month and an 89% probability of a rate hike in December.

Chicago Fed President Austan Goolsbee described this week’s inflation data, which came in stronger than expected, as “disappointing,” Reuters reported.

‎

Gold bars

Gold prices rose during Friday’s trading as the US dollar and oil prices declined, but remained on track for a weekly loss.

The US Dollar Index, which measures the greenback against a basket of six major currencies, fell 0.6% to 101.93, heading for its first weekly decline in five weeks.

According to CME Group’s FedWatch tool, traders are pricing in a 28% probability of the Federal Reserve raising interest rates later this month and an 89% probability of a rate hike in December.

Chicago Fed President Austan Goolsbee described this week’s inflation data, which came in stronger than expected, as “disappointing,” Reuters reported.