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Gold set for biggest weekly gain since July 2020

Spot gold got a massive boost from the US dollar’s tumble following Thursday’s lower-than-expected US inflation data. The precious metal is currently trading around $1760 at the time of writing and testing the late-August cycle high as the immediate resistance level.

While on course for a weekly gain of well over 4%, it remains to be seen whether gold prices can better the 5.06% weekly gain from back in July 2020, before this weekend arrives.

Gold set for biggest weekly gain since July 2020

As markets continue pricing in hopes that the peak for US interest rates is indeed close at hand, that may prompt more US dollar unwinding while extending gold’s recovery.

Although markets are at risk of reading too much into the latest US economic data, further evidence that US inflationary pressures are truly subsiding should serve as prime fodder for bullion bulls.

 

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