EconomyGold Price Firms on Signs of Slowing Fed Rate...

Gold Price Firms on Signs of Slowing Fed Rate Hikes

-

- Advertisement -

The price of gold rose to a one-week high on Thursday after minutes from the US Federal Reserve’s November meeting indicated it could slow the pace of interest rate hikes soon.

As of 1016 GMT, spot gold was up 0.5% at $1,757.91 an ounce, and US gold futures were up 0.7% at $1,757.10.

- Advertisement -

Minutes from the Fed’s November 1-2 policy meeting showed that a “substantial majority” of Fed policymakers agreed that it would “probably soon be appropriate” to slow the pace of rate hikes.

The dollar index held losses after falling 1% overnight, making bullion cheaper for foreign buyers.

- Advertisement -

“Investor expectations are moving in a dovish path for the Fed,” said Carlo Alberto De Casa, an outside analyst at Kinesis Money, adding that the dollar’s weakness was also a positive catalyst for the gold metal.

High rates this year have curbed gold’s traditional status as a hedge against inflation and other uncertainties, as they translate into a higher opportunity cost to hold the non-interest-bearing asset.

In other precious metals, spot silver was up 0.2% at $21.56 an ounce; platinum was down 0.5% at $991.30; and palladium gained 0.6% to $1,892.25.

Market activity was probably tempered by the Thanksgiving holiday in the United States.

Source: Elcomercio

- Advertisement -
spot_img
John
John
I am John Casanova. I am an author at 24 news recorder and mostly cover economy news. I have a great interest in the stock market and have been writing about it for many years. I am also interested in real estate and have written several articles on the subject. I am a very experienced investor and have a lot of knowledge to share with others.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

Strike against pension reform: increased mobilization? City-by-city point

According to Jean-Luc Mélenchon, who participated in the Marseille parade, the mobilization of the day will be a turning...

An AI is used to create fake audio of celebrities sharing racist speech

The startup technology ElevenLab has warned of the misuse it has detected of its voice cloning tool, after...

War in Ukraine: Kyiv announced that it will receive “from 120 to 140” Western heavy tanks

Kyiv revealed for the first time the total number of tanks promised by the Western allies. The Ukrainian...

Biden to speak to Zelensky about his arms requests after denying him F-16 fighters

US President Joe Biden said Tuesday that he plans to speak with his Ukrainian counterpart, Volodymyr Zelensky, after he...

Electric cars: graphene and metal-free batteries would give autonomy of 800 kilometers

One of the challenges in developing electric cars is to improve batteries, which seems to be closer with...

Hatches: after zooming in at the dentist, he discovers a bill of 8,000 euros.

They were going to fly to Dubai with their booty. Finally, they were placed under judicial supervision pending...

Must read

You might also likeRELATED
Recommended to you