{"id":44130,"date":"2023-11-24T19:39:02","date_gmt":"2023-11-24T19:39:02","guid":{"rendered":"https:\/\/lethal-industry.com\/?p=44130"},"modified":"2023-11-24T19:39:02","modified_gmt":"2023-11-24T19:39:02","slug":"gold-prices-climb-higher-as-dollar-weakens","status":"publish","type":"post","link":"https:\/\/lethal-industry.com\/markets\/gold-prices-climb-higher-as-dollar-weakens\/","title":{"rendered":"Gold Prices Climb Higher As Dollar Weakens"},"content":{"rendered":"

Gold prices moved higher on Friday, earning the most active gold futures contract their second straight weekly gain, as the dollar shed ground.<\/p>\n

Despite some hawkish comments from a few Fed officials, there are expectations the central bank will start reducing rates beginning in the second quarter of 2024.<\/p>\n

The dollar index dropped to 103.40, losing about 0.5%.<\/p>\n

Gold futures for December ended higher by $10.20 at $2,003.00 an ounce.<\/p>\n

Silver futures for December ended up $0.653 at $24.341 an ounce, while Copper futures for December settled at $3.7890 per pound, up $0.0260 from the previous close. <\/p>\n

The euro strengthened and regional bond yields edged higher after Bundesbank President Joachim Nagel said the European Central Bank must resist any temptation to cut interest rates early.<\/p>\n

Nagel also said he was “skeptical” about the risk of a “hard landing” for the euro zone economy<\/span> caused by the monetary policy squeeze.<\/p>\n

Elsewhere, the Bank of England’s chief economist Huw Pill told the Financial Times that it was too early to declare victory in the battle against high inflation.<\/p>\n

The Commerce Department’s report on personal income and spending may be in the spotlight next week, as it includes readings on inflation said to be preferred by the Federal Reserve.<\/p>\n

The Beige Book, a compilation of anecdotal evidence on economic conditions in each of the twelve Fed districts, may also attract attention next week along with remarks by Fed Chair Jerome Powell.<\/p>\n

Traders will be looking for additional clues about the outlook for interest rates, with optimism the Fed is done raising rates contributing to recent strength on Wall Street. <\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Gold prices moved higher on Friday, earning the most active gold futures contract their second straight weekly gain, as the dollar shed ground. Despite some hawkish comments from a few Fed officials, there are expectations the central bank will start reducing rates beginning in the second quarter of 2024. 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