Friday 22/November/2024 – 12:05 AM
Prices boosted gold Its gains during yesterday’s trading, Thursday, with an increase in demand for safe haven assets, in light of the escalation of geopolitical tensions between Russia and Ukraine.
Gold futures prices
When trading was settled, gold futures prices for December delivery rose 0.85%, or $23.2, at $2,674.90 per ounce, the highest level for the yellow metal since the end of the November 8 session ($2,694.80).
The session’s gains were limited by an increase in the dollar index – which measures the performance of the US currency against a basket of six major currencies – by 0.35% at 107.03 points.
This comes despite a decrease in the number of applications submitted for unemployment benefits in the United States by 6,000 applications to 213,000 during the week ending November 16, contrary to expectations of an increase to 220,000 applications.
Tom Barkin, President of the Federal Reserve Bank of Richmond, said during an interview with the Financial Times that he expects inflation to continue to decline in the world’s largest economy, although progress in containing price pressures has reached a plateau.
Bank of New York President John Williams said he sees inflation slowing and interest rates falling further, and this followed similar comments from Boston Fed President Susan Collins, who said on Wednesday that more interest rate cuts are needed, but makers must… Policies Proceed with caution.
Markets are anticipating President-elect Donald Trump’s tariff plans and debt-financed tax cuts, which would boost inflation rates, which could slow the US Federal Reserve’s interest rate easing cycle.
