Gold prices are on track for a fifth consecutive weekly gain. However, they remained stable on Friday. The weakness of the dollar and the hope of a slowdown in US interest rate increases have increased the attractiveness of the precious metal.

At 0308 GMT, spot gold was little changed at $1,930.04 per ounce and rose 0.5% for the week. Prices reached $1,935.20 on Thursday, January 19, 2023, the highest since April 2022. U.S. gold futures rose 0.4% to $1,931.50. According to a Reuters poll, the U.S. Federal Reserve will end its tightening cycle after rising 25 basis points at each of its next two policy meetings and then likely keep interest rates steady for at least the rest of the year.

Yeap Jun Rong, a strategist at IG Market, announced that “it's possible for gold to reach $2,000 this year, but to do that, we need to see a change in tone on the part of the Fed to confirm current market expectations for Mati& grave; and the rise in interest rates.”

Palladium lost 0.3% to $1,748.28, platinum fell 0.1% to $1,032.25, and both metals are heading for a second consecutive week of declines. Cash increased 0.5% to $23.94.