Gold Set for 2nd Quarterly Rise

Gold prices slipped on Friday, but the safe-haven metal was bound for its second straight quarterly rise after recent banking turmoil raised hopes of a less-aggressive U.S. Federal Reserve and shored up interest in bullion.

Spot gold was down 0.1% at $1,977.49 per ounce. U.S. gold futures eased 0.1% to $1,995.

U.S. Personal Consumption Expenditures data is due at 8:30 EDT which could offer cues on the Fed’s policy path.

Bullion has added more than 8% so far this quarter and was also headed for its best month since November, 2022.

The dollar index has tracked towards a quarterly loss, making gold an attractive investment.

Last week, gold topped $2,000 after the sudden collapse of two U.S. regional lenders earlier in the month drove bets that the U.S. central bank might pause hiking rates to stem the risk of contagion in the global banking system. But prices retreated after authorities initiated rescue measures.

Experts say investors see a 43.5% chance of the Fed standing pat on interest rates in May.

gold