Gold prices hovered near a five-week high on Friday and were set for a third straight week of gains, as U.S. inflation data released earlier this week revived expectations that the Federal Reserve might cut interest rates more than once this year.

Goldman Sachs pushed its $3,000 per ounce gold target from the end of the year to mid-2026, citing a slower pace of rate cuts than previously expected.

Gold held firm near a five-week high on Friday and was set for a third straight week of gains, as U.S. inflation data released earlier this week raised expectation that the Federal Reserve might cut interest rates further this year.

Vietnam gold bar price rose 0.34% to VND87.3 million (US$3,445.15) per tael Friday morning while global rates stood at their highest in over a month.

Following the US Fed rate cut buzz on soft US core inflation data, MCX gold rate registered gains during early morning deals on Thursday. Gold futures contract on Multi Commodity Exchange (MCX)m for February 2025 expiry opened flat at ₹78,

Gold prices were steady on Thursday after hitting over one-month highs, as softer U.S. core inflation data lifted expectations that more rate cuts were still on the table, although news of a ceasefire accord between Israel and Hamas capped gains.

Front-month gold futures surged to their largest gain in nearly a month, after U.S. core inflation data came in softer than expected, easing inflation pressures and renewing hopes that the Federal Reserve may implement multiple rate cuts this year after all.