Gold prices rose about $7 today, Tuesday, December 26 (2023), amid limited trading due to the Christmas holidays.
This comes with a decline in the dollar and US Treasury bond yields and growing expectations of a reduction in interest rates by the Federal Reserve (the US central bank) in early March next year.
Gold prices ended their trading on Friday, December 22, at an increase of about $18, with the US currency declining, recording gains for the second week in a row.
Gold prices today
By 06:48 AM GMT (09:48 AM Mecca time), gold futures prices – for delivery in February 2024 – rose by 0.33%, equivalent to $6.90, to reach $2,076 per ounce.
The prices of contracts for immediate delivery of gold increased by 0.54% to $2,064.10 per ounce, according to figures seen by the specialized energy platform.
At the same time, the spot price of silver metal rose by 0.80% to $24.38 per ounce, while the spot price of platinum fell by about 0.21% at $974.53 per ounce, and the spot price of palladium fell by 0.44%, to record $1,200.53 per ounce.
And it went down Dollar index – which monitors the performance of the US currency against 6 major currencies – by 0.08%, reaching the level of 101.61 points.
Gold jewelry in an exhibition – photo from Reuters
Gold price analysis
Market strategist at IG, Yip Jun Rong, said: “Gold prices resumed their upward trend in the new week, after receiving the green light from US personal consumption spending data that came in lower than expected last Friday, which confirms the validity of the cautious interest rate expectations that… determined by the markets.
He added: “As long as the trend in economic data holds, gold prices may look for another breakout of the upper consolidation range at the $2,080 level in the future,” it said. Reuters.
Data on Friday showed that US prices fell in November for the first time in more than 3 and a half years, pushing the annual increase in inflation below 3%.
Traders now expect an 89% chance of a US central bank rate cut in March, according to data seen by the specialist energy platform.
Meanwhile, the US military launched retaliatory air strikes on Monday in Iraq, after a drone attack in one direction earlier in the day, launched by militants allied with Iran, which resulted in the injury of 3 American soldiers.
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2023-12-26 07:16:11
#Gold #prices #rise #currency #declines #Energy
