Gold rose to around $4,160 per ounce on Wednesday (November 26), nearing a two-week high as expectations of US policy easing weakened the dollar and reduced the opportunity cost of holding bullion. Futures and currency markets now place the odds of a 25 basis point (bps) Fed rate cut in December above 80%, and reports that Kevin Hassett is the leading candidate for Fed chair reinforced expectations of further policy easing.
The mix of economic data has been uneven but consistent with policy easing, with initial jobless claims surprisingly lower and durable goods orders strengthening despite other data showing declines, so traders continue to prioritize weak demand indicators and dovish Fed comments when assessing the direction of interest rates. At the same time, signs of easing geopolitical tensions following reports of a tentative Ukraine peace plan have reduced the urgency of safe-haven asset purchases, limiting gains. (alg)
Source: Trading Economics
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