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17.03.202309:54:00UTC+00Gold Edges Higher Ahead Of Next Week's Fed Meeting

Gold ticked higher on Friday and was on course for a third weekly gain as the banking crisis develops.

Spot gold climbed 0.7 percent to $1,932.03 per ounce, while U.S. gold futures were up 0.7 percent at $1,935.75.

A weaker dollar on improved risk sentiment lent support for bullion after First Republic Bank and Credit Suisse secured a lifeline.

Treasury yields traded mixed as investors weighed the outlook for the banking sector in the aftermath of Silicon Valley Bank's collapse.

Traders shifted focus to the Federal Reserve's meeting next week, where the U.S. central bank is expected to hike rates by a smaller 25 basis points rather than a 50-basis point rate hike expected earlier.

The Federal Reserve meets on March 21 and 22, with economists expecting the central bank to strike a balance between fighting inflation and reinforcing the financial system's stability.

In economic releases, the euro zone's final consumer inflation figures for February are due later in the day.

In the New York session, U.S. industrial production for February and Michigan's preliminary consumer sentiment index for March are slated for release.



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