Gold drifts higher amid bargain hunting ahead of US inflation data

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Home Business Gold drifts higher amid bargain hunting ahead of US inflation data 13-11-2024 10:12 AM Ammon News - Gold prices edged up on Wednesday as investors sought bargains after steep declines in the previous session, while the spotlight shifted to U.S. inflation data, which could shed more light on the Federal Reserve's path for monetary policy. Spot gold firmed 0.5% at $2,610.99 per ounce by 0437 GMT, after hitting its lowest since Sept. 20 on Tuesday. U.S. gold futures rose 0.4% at $2,617.20. Traders see a 58.7% chance of a 25-basis-point cut at Fed's December meeting, versus 77.3% a week ago, according to the CME's FedWatch Tool. Gold is a hedge against inflation, but higher rates dampen its appeal as it yields no interest. Wall Street's main indexes closed lower on Tuesday as investors turned cautious ahead of economic data due this week. Spot silver rose 1% at $31, platinum added 0.6% to $953.22 and palladium gained 1% at $953.84. Reuters

Home Business

Gold drifts higher amid bargain hunting ahead of US inflation data

13-11-2024 10:12 AM

Ammon News - Gold prices edged up on Wednesday as investors sought bargains after steep declines in the previous session, while the spotlight shifted to U.S. inflation data, which could shed more light on the Federal Reserve's path for monetary policy.

Spot gold firmed 0.5% at $2,610.99 per ounce by 0437 GMT, after hitting its lowest since Sept. 20 on Tuesday. U.S. gold futures rose 0.4% at $2,617.20.

Traders see a 58.7% chance of a 25-basis-point cut at Fed's December meeting, versus 77.3% a week ago, according to the CME's FedWatch Tool.

Gold is a hedge against inflation, but higher rates dampen its appeal as it yields no interest.

Wall Street's main indexes closed lower on Tuesday as investors turned cautious ahead of economic data due this week.

Spot silver rose 1% at $31, platinum added 0.6% to $953.22 and palladium gained 1% at $953.84.

Reuters

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