Gold hovers near 2-week high, set for weekly gain

20.03.2015 / 05:03

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Gold retained recent gains to trade near a two-week high on Friday and was headed for its biggest weekly jump since January after the Federal Reserve cautioned over its rate hike path and U.S. economic growth.

The metal is up about 1 percent for the week - its biggest weekly gain since late January.

Gold had dipped to a four-month low earlier this week as concerns mounted over higher U.S. interest rates which could dent demand for non-interest bearing bullion. But the caution from the Fed lifted bullion and hurt the dollar.

Among other precious metals, silver and platinum were headed for weekly gains after a two-week slide.

The Fed expects Real GDP to grow between 2.1 and 3.1% for the remainder of 2015, a figure significantly below previous estimates. In terms of inflation, the Fed anticipates that it will reach a level of 0.6% to 0.8% in 2015 and 1.7% to 1.9% in 2016.

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Gold hovers near 2-week high, set for weekly gain

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