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Nicky Shiels, head of metals strategy at MKS PAMP, says if the Fed can’t do a good enough job in orchestrating a soft landing for the economy, gold prices could trade upwards of $2,500 an ounce.

Gold price consolidates its recent gains to a fresh one-year high and seesaws between tepid gains/minor losses through the first half of the European session on Friday. The XAU/USD is currently placed around the $2,040 area and seems poised to prolong its recent upward trajectory witnessed over the past month or so.