World gold prices may go up even more.
Gold held steady after a strong rally in the previous session amid President-elect Donald Trump’s insistence that US interest rates need to be cut further and China’s second consecutive month of gold purchases.
Gold’s rally eased slightly after the Institute for Supply Management (ISM) released a report showing rising prices in the service sector. Accordingly, the ISM service sector price index rose sharply from 58.2 points last month to 64.4 points in December.
Inflation in the US has recently been forecast to increase again, making the US Federal Reserve (Fed) more cautious with the ongoing interest rate cut cycle.
The stronger USD has put pressure on gold. The DXY index jumped from 108.15 points at the same time of the previous session to 109.24 points.
Gold’s rally eased slightly after the Institute for Supply Management (ISM) released a report showing rising prices in the service sector. Accordingly, the ISM service sector price index rose sharply from 58.2 points last month to 64.4 points in December.
Inflation in the US has recently been forecast to increase again, making the US Federal Reserve (Fed) more cautious with the ongoing interest rate cut cycle.
The stronger USD has put pressure on gold. The DXY index jumped from 108.15 points at the same time of the previous session to 109.24 points.
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