The S&P 500 and Nasdaq 100 rose slightly during the week, but upward momentum waned as interest rate expectations have begun to drift higher from their level of a few weeks ago.

Gold’s rise to a new 13-month high reaffirms that the near-term trend remains up on hopes that the US Fed is nearing the end of the tightening cycle. The yellow metal is now approaching one of the strongest resistance levels that it has faced in months.