Gold prices rose on Monday, supported by expectations that the Federal Reserve will implement a final interest rate cut in December, alongside weak economic data that raised concerns about global growth.
اضافة اعلان
By 01:15 GMT, spot gold climbed about 0.7% to $2,027.88 per ounce, while U.S. December gold futures increased 0.7% to $2,036.60 per ounce.
Data from last week showed that the U.S. economy lost jobs in October, with declines in the government and retail sectors. Cost-cutting measures and companies’ adoption of artificial intelligence also contributed to announced layoffs.
A consumer sentiment survey on Friday indicated that U.S. consumer confidence fell to its lowest level in nearly three and a half years, amid concerns over the economic impact of the longest U.S. government shutdown in history.
According to CME’s FedWatch tool, market participants assign a 67% probability to a rate cut in December.
Gold, which does not yield interest, tends to rise in a low-rate environment and during periods of economic uncertainty.
Meanwhile, the U.S. Senate appeared on Sunday ready to advance measures aimed at reopening the federal government and ending the 40-day shutdown.
Other precious metals also gained:
Silver rose 1.1% to $48.84 per ounce
Platinum increased 1.2% to $1,563.25
Palladium climbed 1.2% to $1,396.75
Source: Reuters
