Gold up 0.7 so far this week
Platinum eyes second weekly gain
Dollar heads for second weekly fall

Nov 24 Reuters Gold held steady on Friday, set for its second consecutive weekly gain, supported by a weaker U.S. dollar as markets grew confident that the Federal Reserve was done with its interest rate hikes.

Spot gold held ground at 1,992.73 per ounce, as of 0431 GMT. Bullion has risen 0.7 this week. U.S. gold futures were little changed at 1,993.60.

The theme in financial markets over the past week has been falling yields and a falling U.S. dollar, and… these are conducive for gold to move higher, said KCM Trade Chief Market Analyst Tim Waterer.

The dollar index was on track for a second weekly drop, making gold less expensive for other currency holders.

Markets have dialled back expectations of Fed rate cuts in 2024 after data showed number of Americans filing new claims for unemployment benefits fell more than expected last week.

However, the stronger than expected jobs data did not change the view that the labor market is slowing in the U.S. amid higher rates.

Earlier this week, the Fed minutes showed the central bank would proceed carefully and all participants judged it appropriate to maintain the current rate setting.

Traders widely expect the Fed to leave rates unchanged in December, while pricing in about a 26 chance of a rate cut as early as March, according to CME39;s FedWatch Tool.

There is that disconnect between market expectations for rates…