Ammon News - Gold slipped on Thursday as investors booked profits after prices hit a more than one-month high on increased expectations of an interest rate cut by the Federal Reserve next week.

Spot gold shed 0.3% to $2,711.00 per ounce, as of 0455 GMT. Earlier in the session, bullion hit its highest level since Nov. 6 at $2,725.79.
U.S. gold futures fell 0.4% to $2,746.80.

U.S. consumer prices increased by the most in seven months in November, but that is unlikely to discourage the Fed from cutting rates for a third time next week against the backdrop of a cooling labor market.

Focus is now on U.S. Producer Price Index data, due at 1330 GMT, for insights into the Fed's 2025 policy.

Meanwhile, the European Central Bank is all but certain to cut rates again on Thursday and signal further easing in 2025.

Zero-yielding gold is seen as a safe investment during economic and geopolitical turmoil and thrives in a low-interest rate environment.

Elsewhere, the United Nations General Assembly overwhelmingly voted on Wednesday to demand an immediate, unconditional and permanent ceasefire between Israel and Palestinian militants Hamas in the Gaza Strip.

Spot silver rose 0.3% to $32.02 per ounce, platinum was up 0.4% to $943.75, and palladium gained 0.8% to $989.20.

Reuters