empty
 
 

2024.01.0409:19:00UTC+00Gold Rises As Dollar Dips From Three-week High

Gold prices rose on Thursday as heightened geopolitical tensions outweighed the latest Fed meeting minutes showing an unusual amount of uncertainty from officials about whether the economy is ready for rate cuts.

Spot gold rose 0.3 percent to $2,048.16 per ounce, while U.S. gold futures were up 0.6 percent at $2,055.50.

The dollar eased against a basket of currencies in European trade after hitting a three-week peak on Wednesday.

U.S. Treasury yields were mixed as investors awaited key economic data that could provide hints about the state of the world's largest economy.

Market participants now await U.S. reports on private sector employment and weekly jobless claims later in the day and Friday's closely watched monthly jobs report for additional clues on central banks' policies.

Interest rate cuts could be coming in 2024 but the timing and pace of the reductions in borrowing costs remain uncertain.

The Fed's next monetary policy meeting is scheduled for January 25-26, with no changes expected in rates.

CME Group's FedWatch Tool indicates there is a 64.8 percent chance the Fed could lower rates by a quarter point at its following meeting in March.

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $6000 more!
    In December we raffle $6000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS


Can't speak right now?
Ask your question in the chat.
Widget callback