Gold is headed for a weekly decline, as traders weigh the outlook for interest rates after the U.S. Federal Reserve reduced expectations for a rate cut next year. Bullion is trading above $2,605 an ounce, down 1.6% for the week. The Fed cut interest rates on Wednesday, but investors are more focused on comments from Chairman Jerome Powell, who said that while the bank is "on track to continue cutting," officials must first see more progress on inflation. Lower interest rates are usually positive for gold, as it does not pay interest. Source: Newsmaker.id
Silver moved positive to $29.6 per ounce, rebounding from a three-month low hit on Dec. 19 as the market reconsidered the level of hawkishness expected from the Fed next year. The white metal rebounded strongly on Friday from a more than three-month low of $28.75 after the release of the United States (US) Personal Consumption Expenditure Price Index (PCE) data for November, which showed that price pressures grew at a slower pace than expectations. Source: Newsmaker.id
Gold (XAU/USD) prices traded above $2610 per troy ounce on Tuesday (12/24) amid pre-holiday trading. Meanwhile, market players continue to assess the Federal Reserve's outlook for 2025, factoring in a slower pace of interest rate hikes in 2025 after the Fed signaled fewer tapering. The gold price when this news was released was at $2617/Toz. Source: Newsmaker