59.85 F
June 22, 2024
PI Global Investments

Gold prices edge up after rough start to the new year

Spot gold rose to $2,048.86 an ounce by 10:58 GMT on Thursday, recovering slightly after falling to $2,029 per ounce yesterday.

The precious metal has been under selling pressure at the start of 2024, as traders weigh the possibility of an interest rate cut from the Federal Reserve later this year.

Article Continues Below

The Fed released the minutes from its December meeting on Wednesday, which showed policymakers believe rates could fall by up to 75 basis points in 2024, but there is little consensus on the timing. This has dampened optimism for an early rate cut, which had previously boosted gold prices.

Read More News:
JD Sports share price plummets 22% as retailer warns on profits

Traders are now pricing in just a 65% chance of a 25 basis point cut in March, down from over 70% earlier this week. Still, gold remains up by over 10% in 2023 due to easing rate hike expectations.

Further direction will likely come from key US jobs data due on Friday, which will provide fresh clues on the health of the economy and future Fed policy.

Source link

Related posts

Recycled Gold Triggers New Glitter in the Market Recycled Gold Move Triggers a New Trend in the Mainstream Sector


Youth appetite for gold rises as Chinese economy loses luster


Man digs up largest gold nugget ever found in England – weighing 64.8g


Leave a Comment

* By using this form you agree with the storage and handling of your data by this website.