2023-12-27T06:12:06+00:00
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/ Gold prices stabilized on Wednesday, in light of weak trading volume and expectations that the Federal Reserve (US Central) will reduce interest rates in the first quarter of 2024 and the weakness of the dollar in general.
The week is likely to witness weak trading as traders around the world spend vacations until the beginning of the new year.
The price of gold in spot transactions settled at $2,066.86 per ounce by 01:50 GMT. US gold futures rose 0.4 percent to $2,078.20 an ounce.
Gold is heading to achieve gains of more than ten percent this year, which is the best since 2020 thanks to the trend to buy safe haven assets, a trend driven by wars in Ukraine and the Middle East, in addition to bets on lowering US interest rates.
Lower interest rates would reduce the opportunity cost of holding non-yielding bullion.
The dollar index rose 0.1 percent, but remained near its lowest level in five months, on its way to its worst annual performance since 2020.
In terms of other precious metals, silver rose in spot transactions by 0.2 percent to $24.25 per ounce, while platinum settled at $978.56. Palladium fell 0.3 percent to $1,176.49.