Gold rises for fifth week as year-to-date gain reaches 40%

Gold prices recorded their fifth consecutive weekly gain, with market attention focused on how many more interest rate cuts the US Federal Reserve will deliver after making its first of the year on Wednesday.

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The afternoon fixing on Friday in London was $3,663.15 an ounce, compared with $3,651.10 a week earlier. Thai selling prices were quoted at 55,400 baht per baht-weight (15.2 grammes), up 750 baht from the previous week.

The US central bank cut its key interest rate by 25 basis points on Wednesday but tempered the move with warnings about persistent inflation, casting doubt over the pace of future easing.