Gold prices rose during today’s trading, Friday, December 1 (2023), and are heading towards achieving weekly gains for the third time in a row, supported by the decline of the US dollar.
This comes after data showed that slowing inflation has boosted bets on a US interest rate cut, with traders looking forward to Federal Reserve Chairman Jerome Powell’s comments later in the day.
Yesterday, Thursday, November 30, gold prices ended their trading with a decline of about $10 after the release of US data, but they achieved monthly gains of 3.1%, or the equivalent of $63.
Gold prices today
By 07:53 AM GMT (10:53 AM Mecca time), gold futures prices – for delivery in February 2024 – rose by 0.10%, or the equivalent of $2.1, to reach $2,059.3 per ounce.
The prices of contracts for immediate delivery of gold also increased by 0.18% to $2,040.01 per ounce, according to figures seen by the specialized energy platform.
On the other hand, the spot price of silver metal fell by 0.09% to $25.25 per ounce, while the spot price of platinum rose by about 0.31% at $932.38 per ounce, and the spot price of palladium also increased by 0.27%, to record $1012.23 per ounce.
retreat Dollar index – which monitors the performance of the US currency against 6 major currencies – by 0.06%, reaching the level of 103.44 points.
Gold price analysis
“If traders were convinced that Fed cuts would come in 2024, they are now even more convinced that PCE inflation will ease, and that has clearly benefited gold prices,” City Index senior analyst Matt Simpson said.
Data in the United States on Thursday showed that consumer spending rose moderately in October, while the annual increase in inflation was the smallest in more than two and a half years.
Lower inflationary pressures and an easing labor market are encouraging the Fed to end its interest rate hike campaign, and raise the possibility of cuts in the coming months, something two Fed officials also signaled this week.
Traders moved their bets on a US central bank rate cut from an 80% chance in May to a one in two chance in March.
“However, end-of-month flow may also have been a factor, and seasonality tends to favor gold gains between November and December,” Simpson added. Reuters.
InProved precious metals trader Hugo Pascal said that Federal Reserve Chairman Jerome Powell will determine the direction of the yellow metal today, and determine the direction for the rest of the year.
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2023-12-01 08:17:11
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