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Indonesia News Portal for Traders | Financial & Business Updates

27 November 2024 09:39  |

Gold Rises Ahead of Key US Data

Gold rose near $2,640 an ounce on Wednesday (11/27) as investors continued to digest the latest FOMC minutes while awaiting key US data for further insights into the Federal Reserve’s monetary policy outlook. While officials expressed confidence in easing inflation and labor market strength, the minutes also expressed a cautious approach to further rate cuts, signaling a preference for gradual adjustments.

Most investors still expect a 25bps rate cut in December, with a probability of around 63%, which would reduce the opportunity cost of holding non-interest-bearing bullion. Traders continued to watch initial jobless claims, the second estimate of GDP and PCE figures due later in the day. However, gold’s appeal remained tempered by easing geopolitical risks and a stronger US dollar. Elsewhere, China’s net gold imports via Hong Kong in October fell from September and fell 43% year-on-year.

Source: Trading Economics

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