Gold climbs to over three-week high on U.S. rate cut bets
Gold climbs to over three-week high on U.S. rate cut bets
Gold prices steadied after hitting a more than three-week high on Thursday, deriving support from a weaker U.S. dollar and lower bond yields as markets bet on rate cuts by the Federal Reserve early next year.
Spot gold shed less than 0.1% to $2,075.89 after earlier rising as high as 2,088.29, the most since Dec. 4. U.S. gold futures were down 0.3% at $2,085.9.
The dollar index fell to a fresh five-month low and was headed for a yearly decline. The benchmark 10-year bond yield was down near its lowest levels since July, boosting bullion’s appeal.
“Lack of catalysts in a period of thin liquidity is likely keeping gold steady. Next catalyst ... is likely to come from the leading indicators (ISM, PMI) and the job report at the start of 2024,” UBS analyst Giovanni Staunovo said.
Read the fusll article at: Gold climbs to over three-week high on U.S. rate cut bets (cnbc.com)