Gold prices rise, poised for 8th straight weekly gain

Gold bars

Gold futures rose on Friday, heading for an eighth consecutive weekly gain amid ongoing geopolitical and economic uncertainty and growing expectations of further interest rate cuts in the US.

December gold futures increased 0.4%, or $16.50, to $3,989.10 per ounce. Meanwhile, spot gold slipped 0.1% to $3,973.16 per ounce. Silver gained 0.7% to $49.63 per ounce after hitting a record high of $51.22 on Thursday.

The US dollar index, which tracks the greenback against a basket of six major currencies, fell 0.25% to 99.29 as of 8:27 a.m. Makkah time.

December silver futures rose 0.55% to $47.42 per ounce, while spot platinum prices dropped 1.25% to $1,604.61, and palladium fell 2.3% to $1,387.45.

After the Federal Reserve resumed its monetary easing cycle in September with a 25-basis-point rate cut, investors now expect similar reductions in both October and December, with probabilities of 95% and 82%, respectively, according to Reuters.