Gold traded mute on Friday hovering close to the highest level in two weeks, surpassing significant levels as the dollar was affected by the Fed's steadfast bets on interest rate cut.

Spot gold added 0.1% to $2,056.20 per ounce, surpassing $2,050 for the first time in the previous two weeks.

Fed's hints regarding interest rate trim that is supposed to occur later this year than anticipated were mostly ignored by the yellow metal.

The rebound in gold also follows a challenging start to 2024, with the yellow metal plunging 1.2% as markets began slowly pricing out hopes for a March interest rate trim.

The CME Fedwatch tool revealed that traders were now pricing in the chance of a 25 basis point decrease in May, which buoyed bullion prices, even though the Fed mainly dashed hopes for a rate reduction in March.

It is quite projected that the central bank is likely to trim rates at least for additional times post May.