Gold News – 05.Dec.2024

Gold News

Gold Price: Held steady above $2,640 per ounce on Thursday, trading within a tight range.

Fed Chair’s Remarks: Jerome Powell emphasized cautious rate reductions and highlighted the resilience of the US economy.

Economic Data: Recent data showed a sharper-than-expected slowdown in the US services sector in November.

Rate Cut Expectations: Increased likelihood of a 25 bps rate cut in December, benefiting gold as a non-interest-bearing asset.

Safe-Haven Support: Gold remains supported by geopolitical risks, including turmoil in South Korea and France, the Russo-Ukrainian war, and potential conflict between Israel and Lebanon.

Author : Arman Shaban
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