The yellow metal rose 0.6% to $2,064.45 per ounce
The price of gold has risen as the final week of 2023 begins, as traders look forward to the Federal Reserve cutting interest rates in 2024, as well as a weak US dollar.
The price of gold is approaching a record high level, heading towards recording its first annual increase in three years, as data showing a decline in US price pressures reinforced expectations of interest rates being cut several times in 2024.
A report last week showed that core inflation, the Fed's preferred gauge, rose very slightly last month, almost touching policymakers' target of 2%.
How do you invest in gold after the record rise in its prices?
Swaps markets now expect more than 80% of a US rate cut by next March, which in turn could favor non-interest-bearing assets such as gold, although some central bank officials have ruled out the possibility of early monetary easing.
The price of gold rose by 0.6% to $2,064.45 per ounce at 6:33 am London time, after rising 1.7% last week. It closed at a record level of $2,072.22 on December 1st. While the Bloomberg Dollar Spot Index fell by 0.1%. Silver and palladium prices rose, while platinum stabilized.
Keywords
Gold prices and latest news
Gold purchasing plan
