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Nov 22 - Gold prices breached the $2,700 threshold for the first time in two weeks on Friday, on track for their biggest weekly gain in over a year, as safe-haven demand outweighed dollar strength and lower expectations of a U.S. rate cut next month.
Bullion has gained over 5% this week, poised for its best weekly performance since last October, when the Middle East conflict first ignited, sparking a rally that pushed gold to multiple record highs. Gold’s rise continued on Friday even as the U.S. dollar , opens new tab hit a over 13-month high and bitcoin reached an all-time peak.
With ongoing policy shifts, and inflation risks from U.S. President-elect Donald Trump's proposed trade tariffs, gold’s outlook stays strong, with a test of $2,750 expected by mid-December, Ebkarian said.
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