#Gold price
Bullion is on track for a second consecutive weekly increase, with a 2.5 per cent gain so far
Spot gold rose 0.3 per cent to $2,898.27 an ounce as of 0501 GMT, while US gold futures firmed 0.1 to $2,902.50
The dollar index wallowed near a four-month trough as the US exempted automakers from the 25 per cent tariffs on Canada and Mexico for a month
The dollar index was set for a weekly gain of 0.7 per cent so far, making greenback-priced gold more expensive for foreign buyers
Bullion had scaled an all-time high of $2,954.69 on Thursday
Gold’s upside remains capped as first round of talks between the US and Russia over potential peace deal in Ukraine
Gold is considered a safe investment during geopolitical turmoil and thrives in a low interest rate environment
Traders’ bets signalled growing doubts that the Fed will cut rates more than once in 2024
The IMF sees the global GDP slipping to the 2.8 per cent range for this year, below the 2022 advance estimates of 3.4 per cent