Gold Rate Today: Outlook for gold
Goldman Sachs now expects gold to reach $4,900 an ounce by December, lower than its previous forecast of $5,400, after revising its outlook to reflect the view that the Fed is unlikely to cut rates this year.
On the geopolitical front, oil tanker traffic resumed through the Strait of Hormuz, while the US announced on Thursday that it had lifted its blockade on Iran.
Among other precious metals, spot silver declined 1.5% to $64.83 per ounce, platinum fell 1.3% to $1,674.47, and palladium eased 0.8% to $1,268.65 per ounce.
