Stability of Gold Prices
Gold prices remained stable on Wednesday after a 1% decline in the previous session. The continued improvement in stock performance and rising treasury yields have been putting pressure on the precious metal, while investors await key U.S. economic data to be released this week for indications of potential interest rate cuts.
Gold was steady in spot transactions at $4,207.43 per ounce.
U.S. gold futures for December delivery rose 0.5% to $4,239.50 per ounce.
The CME Group’s “FedWatch” tool indicates that markets expect an 89% probability that the Federal Reserve will reduce interest rates this month.
Recent U.S. data has suggested a slight slowdown in the economy, reinforcing market bets on a rate cut by the Federal Reserve at its upcoming meeting on December 10.
For other precious metals, silver decreased by 0.2% to $58.32 per ounce, platinum fell by 0.4% to $1,631.10, while palladium dropped by 0.6% to $1,458.83.
