Gold Climbs as Expectations Firm for Super-Sized Fed Rate Hike
- Bullion moves from ‘danger zone’ and heads for weekly rise
- Powell says central bank needs to ‘act now’ to tame inflation
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Gold advanced to the highest since late August, as the dollar weakened and expectations firmed for a super-sized interest rate increase from the Federal Reserve later this month.
Bullion has risen from around $1,700 an ounce earlier this week, a level one senior market analyst described as a “danger zone” as it could lose investor support should it fall below that level. Gold rose as much as 1.2% on Friday to head for the first weekly gain in four.