Gold prices recorded weekly gains as the market optimistically expected the Fed to cut interest rates

Gold prices held steady on Friday and recorded weekly gains as the market was optimistic about the U.S. interest rate cut. Spot gold was almost flat at $2,455.50 an ounce, but has climbed more than 1% so far this week.

Tim Wattaire, chief market analyst at KCM Trade, said that global interest rate expectations are lower, the bullish outlook for gold remains unchanged, and gold prices may still rise to $2,500.

Ajay Kedia, director of Kedia Commodities, said gold prices are expected to find support at $2,440 and face resistance at $2,485, with the potential to rise to the $2,585-2,590 range.