Gold held its latest gains that saw it rise above $3,700 an ounce for the first time, boosted by traders' bets for a rate cut at Wednesday's Federal Reserve meeting.
Bullion traded less than $10 below its fresh record of $3,703.07 an ounce reached on Tuesday. It's also been buoyed by a softer US dollar, with one gauge hovering around levels last seen in March 2022. A weaker greenback makes gold cheaper for other currency holders.
Traders are squarely focused on the outcome of the Fed's rate-setting meeting, where they see a quarter-point cut this week as a certainty. A solid US retail sales reading on Tuesday did little to move the bets. Lower rates are positive for the non-interest bearing precious metal.
Gold has rallied more than 40% this year on geopolitical uncertainties, concerns about potential negative impacts of US tariffs on the global economy, as well as buying from central banks — especially those from emerging markets. Investors and analysts widely expect more upside for the rally, with Goldman Sachs Group Inc. forecasting prices could rise to near $5,000 an ounce.
US President Donald Trump's attacks on the Fed's independence is adding to momentum for gold. His legal battle with Governor Lisa Cook highlights a desire to bend US rates and the dollar to his will. He has also successfully brought his economic adviser Stephen Miran to the Fed to fill a temporary term.
Read More: Demand for Gold Beginning to Show Some Weakness
Gold edged 0.1% higher to $3,694.24 an ounce as of 8:20 a.m. Singapore time. The Bloomberg Dollar Spot Index dipped after Tuesday's 0.5% fall. Silver steadied at just below the highest in 14 years. Palladium rose, while platinum was flat.
Source: Bloomberg.com
Gold prices rose more than 1% on Wednesday (November 5), with a slight weakening of the US dollar and widespread risk-off sentiment boosting demand. Spot gold rose 0.8% to $3,966.54 per ounce as of 1...
Gold prices rise in early trading as investors await U.S. private payroll data for cues on the Federal Reserve's next policy move. Futures in New York are up 0.9% to $3,991.60 a troy ounce. "Gold pri...
Gold edges higher on a possible technical recovery after front-month gold futures settled down 1.3% overnight. It shouldn't be a big surprise to see the precious metal consolidating in a lower $3,800-...
Gold slipped slightly Tuesday, pressured by a stronger U.S. dollar and lingering uncertainty over the Federal Reserve's next policy move. Spot gold fell 0.8% to $3,970.08 per ounce and U.S. Gold Futu...
Gold held steady amid disagreements among three Federal Reserve policymakers over the next interest rate cut next month, with the U.S. dollar trading near its highest level in months. The price of bu...
Employment at US companies rose in October, signaling stabilization in the labor market after two straight months of declines. Private-sector jobs increased by 42,000 after a revised 29,000 decline in the previous month, according to ADP Research...
American consumers struggling to access food assistance payments due to the government shutdown are unable to fill their shopping carts, and that's "hurtful," according to the company behind Stop & Shop and Food Lion grocery stores. The US...
Gold prices rose more than 1% on Wednesday (November 5), with a slight weakening of the US dollar and widespread risk-off sentiment boosting demand. Spot gold rose 0.8% to $3,966.54 per ounce as of 10:44 GMT. US gold futures for December delivery...
Asian stocks opened lower on Tuesday, reversing Wall Street's rally fueled by Amazon's massive $38 billion deal with OpenAI. Stock markets in South...
The economic activity in the United States' (US) manufacturing sector continued to contract in October, with the Institute for Supply Management's...
European stocks opened slightly higher in November, with the STOXX 50 and STOXX 600 gaining 0.2%, after closing near record highs in October....
Asia-Pacific markets declined on Wednesday, following a decline on Wall Street, which was driven by concerns about the valuations of artificial...