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Gold Rises on Stronger Fed Rate Cut Bets, Weaker Dollar
Gold prices rose 1.2% as markets price in a 79% chance of a December Federal Reserve rate cut amid a weaker dollar and geopolitical tension.
- On Monday, gold prices rose, supported by a softer dollar index and safe-haven demand as precious metals markets advanced along with other metals.
- Swap traders now see a nearly 80% chance of a rate cut at the Dec. 9 and 10 meeting, with bets at 79% on the CME FedWatch tool and signals from New York Fed President John Williams and Fed Gov. Christopher Waller.
- Intraday, spot gold rose to $4,113.59 and later reached $4,134.48, while spot silver , platinum and palladium also advanced.
- Investors are watching delayed U.S. retail sales, jobless claims and producer-price figures due later this week as a softer dollar made dollar-priced bullion cheaper for holders of other currencies.
- Up about 56% this year, gold remains in consolidation after surging above $4,380 in October, with Rhona O'Connell at StoneX expecting rangebound trading between $4,000 and $4,100 and two-way trades.
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18 Articles
18 Articles
A fine ounce (31.1 grams) cost almost US$4156 in early trade (about 3600 euros) and was thus no longer as expensive as since 13 November. Background to the increase are the prospects for interest rate cuts.
·Vienna, Austria
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Gold holds steady as rising US rate-cut bets offset dollar strength
Gold prices held steady on Tuesday. This followed a nearly 2% rise in the previous session. Hopes for a U.S. rate cut in December are increasing. This is countering a firm dollar. Investors are now pricing in an 81% chance of a Fed rate cut in December. This is up from 40% last week.
·India
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A weak dollar, rate cuts and record purchases underpin your growth prospects
·Spain
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Coverage Details
Total News Sources18
Leaning Left1Leaning Right4Center1Last UpdatedBias Distribution66% Right
Bias Distribution
- 66% of the sources lean Right
66% Right
L 17%
C 17%
R 66%
Factuality
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