Gold Heads for Biggest Weekly Gain Since March on Rate Outlook
- Bullion climbs amid speculation the Fed may slow rate hikes
- Haven still set for fourth monthly loss as ETF holdings drop
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Gold headed for its biggest weekly gain since March amid speculation that the Federal Reserve will slow the pace of interest rate increases as the US economy slows.
Bullion’s climb, supported by a weaker dollar and declining Treasury yields, saw prices hit a three-week high and puts the haven asset on pace for a second straight weekly gain. While the Fed raised rates by 75 basis points again this week, data showing that the US is in a technical recession signaled that the central bank could become less aggressive as it continues to combat inflation.