2023-12-01 14:20:00
With increasing bets on lowering US interest rates
01/12/2023 at 17:20 (Doha time)
Gold prices rose in Asian spot transactions, today, Friday, in light of increasing bets on lowering interest rates in the United States of America to combat inflation.
Gold rose in spot transactions by 0.2% to $2,039.42 per ounce, following recording an increase of more than $60 last November, the second consecutive monthly increase. US gold futures contracts for February delivery also rose 0.1% to $2,059.00.
Gold prices are heading to achieve a third consecutive week of gains today following data showed a slowdown in inflation in exchange for increasing bets on lowering US interest rates, while traders await comments by Jerome Powell, Chairman of the Federal Reserve (the US central bank), later today.
Data yesterday, Thursday, indicated that American consumer spending rose moderately last October, while the annual increase in inflation was the lowest in more than two and a half years.
The decline in inflationary pressures and the decline in labor market strength paves the way for an end to the monetary tightening cycle and also enhances the possibility of lowering interest rates in the coming months.
In general, lower interest rates reduce the opportunity cost of holding non-yielding bullion.
As for other precious metals, silver rose in spot transactions 0.2% to $25.29 per ounce, platinum fell 0.1% to $925.67, and palladium increased 0.6% to $1013.52 per ounce.
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