Gold fluctuated around $2,690 per ounce on Wednesday, halting a two-day rally, as investors repositioned ahead of key US inflation data due later in the day. This data is crucial, as it could either strengthen or weaken the likelihood of a third Federal Reserve rate cut next week. A rate cut would support gold by lowering the opportunity cost of holding non-yielding assets. Despite the pause, gold remained near two-week highs, underpinned by expectations of loose monetary policies from other major central banks and increased demand for safe-haven assets.
The ECB, SNB, and BoC are all expected to lower rates this week. Adding to the positive sentiment, China announced plans to adopt an appropriately loose monetary policy next year, while the PBoC resumed gold purchases after a six-month pause. Meanwhile, escalating tensions in the Middle East, driven by reports of the Syrian regime's collapse and ongoing Israeli airstrikes, continued to support gold's safety appeal.(Cay) Newsmaker23
Source: Trading Economi
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