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Gold climbs to one-week high as bargain buying sets up weekly gain

AI Market Summary
Spot gold rose ~1.4% to a one-week high and is set for a weekly gain as bargain-hunting emerged after a slide to a two-month low, with analysts flagging the 4,000 area as a potential base. Gains occurred alongside rising rate expectations after Fed officials signaled possible further hikes to fight inflation, tempering broader risk sentiment. Silver also advanced sharply.
Impact level
● Medium
Affected assets
NCCOGOLD2USD/USDT+0.19%
AI Insight · NCCOGOLD2USD/USDTAI Insight
● Neutral
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Spot gold rose 1.4% to $4,190.49, putting it up about 1.2% for the week as bargain hunters stepped in after prices slid to a two-month low. StoneX analysts said the $4,000 area is starting to form a base. U.S. December gold futures gained 1.4% to $4,215.60. Federal Reserve officials signaled they may need to raise rates further to curb inflation, with markets pricing in an 84% chance of at least one more hike before December. Spot silver climbed 2.6%.
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