Gold climbs over one percent on dip buying
Gold prices rebounded over one percent on Friday as investors engaged in dip buying despite strong US inflation data increasing expectations of a Federal Reserve rate hike next week. Spot gold reached $4363.01 per ounce.
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Gold rose 1.1% to $4,363.01 per ounce on Friday afternoon, recovering from recent losses despite growing expectations of an interest rate hike. The metal posted a weekly decline of about 1.5% amid shifting macroeconomic data in the United States. Higher borrowing costs typically diminish the appeal of non-yielding bullion.
