from Kitco NEWS
Gold steadies and is set to end the week higher, on track for its first weekly gain in four weeks and one expert sees the cards stacked in the metal’s favor. Ken Hoffman of Bloomberg Intelligence released a report this month, which shows the current pressure in gold prices is namely driven by the looming rate hike – but those Fed concerns are just masking long-term positives for the metal. Gold was on track Friday to post its first positive weekly close in three weeks, many analysts suspect that the correction –which started with a 5% drop at the start of the month — has run its course. December gold futures settled the day at $1,267.70 an ounce, up nearly 1.2% since Monday’s open. Hoffman says that tailwinds for gold may also be brewing in the mining sector with rising production costs and falling output.
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