Gold fell from a three-week high on Thursday, pressured by a stronger U.S. dollar, as traders awaited the resumption of key U.S. economic data to gauge the path of interest rates.
اضافة اعلان
By 02:03 GMT, spot gold declined 0.1% to $4,194.63 per ounce, after reaching its highest level since October 21 in the previous session. U.S. December gold futures fell 0.3% to $4,199.30 per ounce.
The U.S. dollar index continued its gains against major currencies, making gold less attractive to holders of other currencies.
Yesterday, the U.S. House of Representatives took procedural steps to end the longest government shutdown in U.S. history, which began in early October and halted the release of key economic data such as jobs and inflation reports.
Economists noted that the U.S. Bureau of Labor Statistics should prioritize the release of November employment and inflation data to provide updated information for the Federal Reserve ahead of its next policy meeting.
Last month, the Fed cut interest rates by 25 basis points, but Chair Jerome Powell cautioned against another cut this year due to insufficient data. According to a Reuters poll, 80% of economists expect the Fed to reduce the key interest rate by another 25 basis points next month to support the weak labor market—a slight increase from last month’s poll.
Gold tends to perform well in low-interest-rate environments and during periods of economic uncertainty. Prices have risen 60% since the start of the year, reaching an all-time high of $4,381.21 on October 20, supported by geopolitical and trade tensions and hopes for U.S. rate cuts.
Among other precious metals:
Silver remained at $53.37 per ounce (spot).
Platinum rose 0.1% to $1,616.24 per ounce.
Palladium fell 0.6% to $1,465.21 per ounce.
(Reuters)
