Gold prices advanced in Asian trading on Friday, marking a fifth consecutive weekly gain after the Federal Reserve cut interest rates for the first time since December.
As of 2:25 a.m. ET, spot gold rose 0.2% to $3,650.14 per ounce, while December futures climbed to $3,683.70 per ounce.
Earlier this week, gold hit a record high of $3,707.40, but gains have since eased as the U.S. dollar rebounded from a three-year low and Fed Chair Jerome Powell struck a cautious tone on further easing. Still, the Fed’s outlook suggests at least two more rate cuts could come in 2025.
A stronger U.S. dollar capped upside momentum for gold and silver. Meanwhile, the Bank of Japan kept rates steady at 0.5%, highlighting diverging global policy paths amid tariff and political headwinds.
In other metals, silver gained 0.7% to $42.42, platinum held near $1,396, and London copper added 0.3% to $9,983.50 a ton.
