Mumbai, 24 Feb (Commoditiescontrol): Gold prices gained on Friday, buoyed by a softer dollar and safe-haven demand from escalating tensions in the Middle East, even as U.S. Federal Reserve officials bruised hopes of early rate cuts this year.
Spot gold was up 0.8% to $2,040.69 per ounce and was on track for a 1.4% weekly rise. U.S. gold futures settled 0.9% higher at $2,049.4.
The dollar index edged down 0.1% and was heading for its first weekly dip in almost two months as investors took a breather from a recent rally built on expectations the Fed would delay rate cuts. U.S. Treasury yields also were down for the week, making greenback-priced bullion less expensive to overseas buyers.
Fed Governor Christopher Waller said on Thursday that he was in "no rush" to cut rates, firming investor bets against U.S. interest rate cuts before June.
Most policymakers at the Fed's last meeting were concerned about the risks of cutting interest rates too soon, minutes showed.
Recent data showing higher-than-expected U.S. consumer and producer prices also dashed speculation about an early interest rate cut, further weighing on bullion.
Lower interest rates boost the appeal of holding non-yielding bullion.
Meanwhile, a surge of interest in bitcoin exchange-traded funds (ETFs) is prompting investors to swap out holdings in gold-backed ETFs.
Spot platinum lost 0.1% to $901.21, palladium rose 1.9% to $986.56. Silver was up 1% to $22.98, but was down 1.8% so far in the week.
(By Commoditiescontrol Bureau: 09820130172)
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