Gold prices are set for weekly gains thanks to Fed rate cut bets
Updated
Gold prices eased slightly for Friday but remained on a weekly uptrend as the outlook for the U.S. Federal Reserve's fall in borrowing costs weighed on the dollar and Treasury bond gains, providing demand. for safe hidden assets.
Spot gold XAU= was down 0.1% at $2,033.29 an ounce, as of 01:13 GMT. However, Li gold has increased by 1.5% this week. US GCcv1 gold futures rose 0.1% to $2,047.60.
Gold prices eased slightly for Friday but remained on a weekly uptrend as the outlook for the U.S. Federal Reserve's fall in borrowing costs weighed on the dollar and Treasury bond gains, providing demand. for safe hidden assets.
The Fed left interest rates unchanged on Wednesday and Chairman Jerome Powell said the historic tightening of monetary policy would likely end after talk of cutting borrowing costs “is under review.” ".
Spot gold XAU= was down 0.1% at $2,033.29 an ounce, as of 01:13 GMT. However, Li gold has increased by 1.5% this week. US GCcv1 gold futures rose 0.1% to $2,047.60.
Gold prices eased slightly for Friday but remained on a weekly uptrend as the outlook for the U.S. Federal Reserve's fall in borrowing costs weighed on the dollar and Treasury bond gains, providing demand. for safe hidden assets.
The Fed left interest rates unchanged on Wednesday and Chairman Jerome Powell said the historic tightening of monetary policy would likely end after talk of cutting borrowing costs “is under review.” ".
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World gold price todayWorld gold prices this morning tended to increase with spot gold increasing by 2.3 USD compared to last week's closing level to 2,022.2 USD/ounce.
Volatility in the gold market this week is said to be difficult to predict as investors continue to evaluate the US Federal Reserve's (Fed) updated economic forecasts announced at its final policy meeting. in 2023. In addition, investors and traders will also be watching a number of important reports, including the personal consumption expenditure index to be released on Thursday. If the report shows Inflation continues to cool down, which will strengthen the possibility that the Fed will cut interest rates next year and push gold higher. On the contrary, a rising inflation scenario will put pressure on gold.
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