WASHINGTON (dpa-AFX) - Prices of the yellow metal rebounded on Friday even as world markets reconcile to the prospect of central banks raising rates further and triggering a painful recession.
Gold Futures for February Settlement rebounded 0.40 percent to $1,794.90. Prices oscillated between $1,784.00 and $1,795.35.
Spot Gold also added 0.44 percent to trade at $1,784.65 per troy ounce. The day's range has been between $1,774.43 and $1,785.44.
The Dollar Index, which measures the strength of the Dollar against a basket of 6 currencies edged 0.01 percent lower to 104.55, versus 104.56 a day earlier, lending support to the yellow metal's rebound.
Gold's gains on Friday are in sharp contrast to the downward movements in stocks, crude oil, commodities and cryptocurrencies which appeared overwhelmed by the enormity of the interest rate hikes ahead.
The yellow metal is however on course for a weekly loss, prompted by the hawkish stance of the Fed in the recent review. Whilst the Fed was expected to progress on its announced intention to moderate interest rate increases, its unexpected warning about a higher peak for interest rates jolted markets and triggered risk aversion.
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