2023-12-20T08:18:06+00:00
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/ Gold prices continued to rise above the key $2,000 level, today, Wednesday, supported by the possibility of an interest rate cut from the Federal Reserve next year, while investors await US inflation numbers later this week.
Gold futures rose by 0.2% to $2,056 per ounce, while spot gold contracts rose by 0.13% to $2,043 per ounce. On the other hand, the dollar index rose by 0.06% to 101.85 points.
Last week, the Fed signaled that the tightening phase is over and signaled that interest rate cuts are on the way for 2024.
Markets expect a roughly 75% chance of a Fed rate cut in March, according to Investing Saudi Arabia’s Fed Rate Tracker. Low US interest rates are putting pressure on the dollar and bond yields, increasing the attractiveness of non-yielding bullion.
Investors are now awaiting the November core PCE report, the Fed’s preferred measure of core inflation, due on Friday.
Silver rose in spot transactions 0.3 percent to $24.11 per ounce, while platinum increased 0.3 percent to $957.41 and palladium increased 0.1 percent to $1,225.21.
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