Gold Nears Highest Level in Seven Weeks

Gold prices remained stable near a seven-week high on Friday. This was supported by expectations of more interest rate cuts next year after the U.S. Federal Reserve defied market tightening bets. Meanwhile, silver hovered near its record peak achieved the previous day.

Spot gold dropped by 0.2% to $4275.44 per ounce by 0236 GMT. However, it's on track for a 1.8% weekly gain after reaching its highest level since October 21 yesterday. U.S. gold futures also fell by 0.2% to $4306.20.

The dollar is heading for its third consecutive weekly decline, making the yellow metal cheaper for holders of other currencies.

Among other precious metals, spot silver increased by 0.4% to $63.84 per ounce, after hitting a record level of $64.31 yesterday. It is set for a 9.2% weekly gain.

Silver's price has more than doubled this year, fueled by strong industrial demand, reduced inventories, and its inclusion on the U.S. critical metals list. Platinum rose by 0.2% to $1698.45, while palladium increased by 1.9% to $1512.0, with both tracking a weekly rise.