Gold prices climbed again, hitting a six-week high on Monday, December 1, driven by a weakening US dollar and growing investor appetite for safe-haven assets. Spot gold hit $4,240 per ounce, while December gold futures reached $4,276. Silver was even more striking, breaking an all-time high of $57.86 before stabilizing at $57.48 per ounce. A sell-off in US stock futures and falling crypto prices have made precious metals increasingly a risk-off destination.
This rise was also fueled by strong expectations that the Fed will cut interest rates in December, following a series of dovish comments and weak US economic data. The "risk-off" sentiment prompted investors to shift funds from speculative assets to precious metals. Platinum and palladium also rallied, while the market now awaits the release of core PCE inflation data on Friday to see if the rally will continue.
The gold price at the time of this analysis was published was $4,229.
Disclaimer:
This article is analytical in nature and does not constitute definitive information. Please consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id
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