Gold has been steady in quiet holiday trading but a stronger dollar is still weighing on the market, Pranav Mer, an analyst at JM Financial Services Ltd. in Mumbai, said in a note on Tuesday.Earlier this month, the Fed reined in the number of interest rate cuts it expects in 2025 as Chairman Jerome Powell made clear that the central bank needs to see price pressures ease further. Lower borrowing costs are usually a positive for the precious metal, which pays no interest. Source: Newsmaker.id
Silver moved above $29.50 an ounce, recovering from a three-month low of $29 hit on Dec. 19 as markets reconsidered the level of hawkishness expected from the Fed next year. Lower-than-expected core PCE prices in November eased concerns about overly tight interest rates fueled by hawkish projections from FOMC members, lowering bond yields and supporting the precious metal.As of this News Release Silver Price is at $29,647 Source: Newsmaker.id
Gold rose above $2,610 an ounce on Tuesday, recovering losses from the previous session amid sluggish holiday trading. Investors continued to assess the Federal Reserve's outlook for next year, pricing in a slower pace of interest rate hikes in 2025 after the Fed signaled fewer tapers. However, this view was challenged by weaker-than-expected U.S. PCE inflation, which suggested more rate cuts are likely, benefiting non-yielding bullion. Meanwhile, the World Gold Council reported strong central bank demand, reinforcing gold's status as a safe-haven asset.Until this news was released, the Gold...