Gold Poised for Seventh Weekly Gain Amid Rate Cut Optimism

Gold remained steady on Friday as it was on track for its seventh consecutive weekly gain. This momentum was supported by expectations of further U.S. interest rate cuts this year and concerns over the impact of the U.S. government shutdown.

By 01:25 GMT, spot gold was steady at $3851.48 per ounce, following an all-time high of $3896.49 in the previous session. So far, the precious metal has gained 2.5 percent this week.

Among other precious metals, silver in spot transactions fell by 0.4 percent to $46.79 per ounce. Meanwhile, platinum declined by 0.3 percent to $1563.86, and palladium increased by 0.2 percent to $1243.41.

Investors are keenly monitoring the economic landscape, as additional U.S. rate cuts could potentially bolster gold's appeal. The U.S. government's partial shutdown adds to market uncertainties, further driving interest in safe-haven assets like gold.

The dynamics within the precious metals market remain influenced by geopolitical factors and macroeconomic indicators. As traders weigh in expectations of monetary policy adjustments, the movements in gold prices could provide insights into broader market sentiment.

Despite fluctuations in other commodities, gold's resilience highlights its status as a preferred investment during economic uncertainties. Analysts suggest keeping an eye on upcoming U.S. Federal Reserve announcements for further developments that could affect metal prices.