What's Happening in the Precious Metals Market?
Gold prices rose again on Wednesday (December 3rd) as investors grew more confident that the Federal Reserve would cut interest rates in the near future. Spot gold rose 0.4% to $4,222.19 per ounce, while US gold futures rose 0.8% to $4,253.90 per ounce. Increasing expectations of a rate cut—up to 89% for next week—stimulated gold buying, especially after US economic data showed signs of slowing.
Investors are now focused on a series of important data, such as the ADP employment report and PCE inflation data, which will be released this week. Both data could determine the direction of the Fed's monetary policy going forward. Furthermore, market attention is also focused on US President Donald Trump's plan to announce a candidate to replace Jerome Powell as Fed Chair. Central bank gold purchases also increased significantly in October, adding to the positive momentum for this precious metal.
Meanwhile, silver stole the spotlight, surging 0.8% to a new record high of $58.94 per ounce. This surge was driven by dwindling physical supplies in global markets, including stocks at COMEX and Chinese warehouses. Meanwhile, platinum fell slightly by 0.1%, while palladium edged up by 0.1%, demonstrating mixed dynamics in the precious metals market. (az)
Source: Newsmaker.id
