Login ID:
Partner Login
Contact Us : 7066511911

Gold rises as dollar, yields weaken on Fed rate cut bets

29 Nov 2023 8:26 am
 Comments 0 Comments  |  Comments Post Comment  |  Font Size A A A 

Mumbai, 29 Nov (Commoditiescontrol): Gold prices rose to near seven-month high on Wednesday helped by an extended decline in the U.S. dollar and bond yields as markets grew confident that the Federal Reserve would likely cut rates by the first half of next year.

Spot gold rose 0.3% to $2,047.21 per ounce. U.S. gold futures for December delivery rose 0.4% to $2,047.80 per ounce.

The dollar index slid to a more than three-month low, against its rivals, and was eyeing a nearly 4% fall for November, its worst monthly performance in a year. A weaker dollar makes gold less expensive for other currency holders. Yields on 10-year Treasury notes fell to an over two-month lows of 4.2860%.

Fed Governor Christopher Waller - a known hawkish and influential voice at the central bank - on Tuesday flagged a possible rate cut in the months ahead, feeding market expectations that U.S. rates have peaked.

Traders widely expect the U.S. central bank to hold rates in December, while pricing in a more than 70% chance of easing in May next year, compared to a 50% chance a day earlier, CME's FedWatch Tool shows.

Lower interest rates reduce the opportunity cost of holding non-interest-bearing bullion.

Australia's inflation eased more than expected in October as goods prices fell, a result that affirms the case for the central bank to keep interest rates unchanged next week.

Hamas and Israel were expected to release more hostages and prisoners on the last day of a prolonged six-day truce in the Gaza Strip conflict, as attention focused on whether mediator Qatar could negotiate another extension.

Spot silver gained 0.4% to $25.09 per ounce, platinum was steady at $939.83. Palladium rose 0.4% to $1,059.69 per ounce.

(By Commoditiescontrol Bureau: 09820130172)

  Rate this story 1 out of 52 out of 53 out of 54 out of 55 out of 5 Rated

   Post comment
Comment :

Note : This forum is moderated. We reserve the right to not publish and/or edit the comment on the site, if the comment is offensive, contains inappropriate data or violates our editorial policy.
Name :  
Email :  

Top | Post Comment  

Latest Market Commentary
Market Snapshot MCX - NCDEX
Market Snapshot GLOBEX
Market Snapshot MCX - NCDEX
Market Snapshot GLOBEX
Market Snapshot MCX - NCDEX
Top 5 News
DCE Oil Complex Evening Closing - 22 Feb 2024
ZCE Cotton And Yarn Evening Closing - 22 Feb 2024
Cardamom Prices Slide on Lower Export Demand
Domestic Clove Prices Decline Amid Import Surge
Vietnamese Pepper Prices Rise; Domestic Prices Decline
Top 5 Special Reports
Desi Moong (Jaipur) Positive Short-term Trend / Next ...
Rajkot Groundnut Oil Loose Correction Underway / Next...
Mustard Cake (Jaipur) Correction Underway / Next Supp...
Kabuli Chana (Indore) Positive Trend / Next Resistanc...
Akola Pigeon Pea (Tur) Desi Bilty Correction Underway...
Copyright © CC Commodity Info Services LLP. All rights reserved.