WASHINGTON (dpa-AFX) - Gold edged up on Friday and the U.S. dollar held steady as investors awaited new catalysts following the Federal Reserve's meeting.
Spot gold rose 0.4 percent to $3,658.49 per ounce in European trade and was on track for a fifth consecutive weekly gain, following the U.S. Federal Reserve's first rate cut of the year. U.S. gold futures were up 0.3 percent at $3,690.50.
The Fed on Wednesday opened the door to further policy easing after delivering a 25-bps rate cut in response to the weakening labor market.
However, Fed Chair Jerome Powell tempered the optimism with warnings of sticky inflation, noting the central bank was in a 'meeting-by-meeting situation' regarding the rate outlook.
According to the CME Group's FedWatch tool, traders currently price in a 92 percent chance of another 25-bp cut at the Fed's October meeting.
In his latest GREED & fear report, Chris Wood, the global head of equity strategy at Jefferies, has raised his long-term gold price target to $6,600 per ounce.
The estimate is based on historical benchmarks and the growth in U.S. disposable income per capita.
Copyright(c) 2025 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2025 AFX News
