Gold News – 22.Nov.2024
Gold News
Gold Rally: Gold climbed to $2,700 per ounce on Friday, marking its fifth consecutive session of gains and a nearly 5% weekly increase, driven by safe-haven demand amid rising geopolitical risks.
Geopolitical Tensions:
Ukraine launched its second Western-supplied missile into Russia.
Russia retaliated by firing its first intercontinental ballistic missile at Ukraine on Thursday.
Federal Reserve Outlook:
US jobless claims fell unexpectedly, raising speculation of a slower pace of Fed rate cuts.
Fed Bank of Chicago President Goolsbee hinted at rates moving “a fair bit lower” and expressed confidence in easing inflation.
Rate Cut Expectations: Most traders anticipate a 25bps rate cut in December, which could reduce the opportunity cost of holding non-yielding gold.
Author : Arman Shaban
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