Gold prices rose near $4,120 per ounce on Monday (October 24th) after a modest weekly decline as investors awaited US retail sales and PPI data due on Tuesday and weekly jobless claims on Wednesday. Comments from New York Fed President John Williams and Fed Governor Christopher Waller increased the odds of a 25 bps interest rate cut in December to about 79%, according to CME FedWatch.
The repricing pushed Treasury yields lower and weakened the dollar, reducing the opportunity cost of holding bullion and providing clear support for prices, even as the AI-driven equity rally again attracted some venture capital to technology stocks. Continued central bank bond purchases and lingering geopolitical and fiscal uncertainty have also helped sustain demand and maintain a strong technical foundation in the market, sending bullion prices up about 55% this year. (alg)
Source: Trading Economics
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