Precious Metal Market
Gold prices were stable on Thursday after hitting their highest levels in more than a month, as softer U.S. core inflation data lifted expectations of interest rate cuts, although news of a ceasefire accord between Israel and Hamas capped further gains.
Gold prices hovered near a four-week high on Friday, poised for their best week since mid-November, as investors awaited U.S. jobs data to gauge how aggressively the Federal Reserve might cut interest rates this year.
Gold prices edged lower on Wednesday, pressured by higher U.S. Treasury yields and a stronger dollar after data suggested the Federal Reserve might slow the pace of rate cuts this year.
Gold prices inched higher on Monday, supported by a softer dollar, while investors awaited a slew of U.S. economic data including the December nonfarm payrolls report for further guidance on the Federal Reserve’s interest rate stance.
Spot gold edged higher on Monday, supported by short covering after a weekly loss on Friday due to the Federal Reserve’s cautious stance on rate cuts in the upcoming year.
Gold prices were set for a weekly decline on Friday after the Federal Reserve’s verdict on its monetary policy-easing cycle signaled a slowdown in rate cuts, while focus shifted to the U.S. Personal Consumption Expenditure data due later in the day.
Gold slipped on Thursday as investors booked profits after prices hit more than one-month high earlier in the day on increased expectations of an interest rate cut by the Federal Reserve next week.
Gold prices scaled a two-week peak on Wednesday, supported by escalating geopolitical tensions and expectations of another rate cut by the U.S. Federal Reserve next week, and ahead of the closely watched U.S. inflation report later in the day.
Gold prices extended gains on Tuesday, buoyed by top consumer China’s pledge to ramp up policy stimulus to help spur economic growth, with investors awaiting U.S. inflation data for further insights into the Federal Reserve’s interest rate outlook.
Gold prices steadied on Wednesday as markets awaited U.S. jobs data and comments from Federal Reserve Chair Jerome Powell for further insights into the U.S. interest rate cut trajectory.
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