Gold firms above US$1,750 an ounce as Fed signals slower rate hikes
Reuters · 24 Nov 2022 750 Views
Physical gold demand in Asia stayed soft this week

GOLD prices firmed above the key US$1,750 an ounce level on Thursday (Nov 24), consolidating gains after minutes of the US Federal Reserve’s latest policy meeting signalled slower interest rate hikes.

Spot gold rose 0.3 per cent to US$1,754.08 per ounce by 0033 GMT. US gold futures advanced 0.5 per cent to US$1,754.30.

A “substantial majority” of Fed policymakers agreed it would “likely soon be appropriate” to slow the pace of interest rate hikes, the readout of the Nov 1-2 meeting showed.

Fed fund futures are now pricing in an 85 per cent chance of a 50-basis point hike in the December meeting.

Lower rates tend to lift the appeal for bullion in comparison with other interest-bearing assets.

Physical gold demand in Asia stayed soft this week, with premiums in top hub China easing further as fresh Covid-19 restrictions dimmed activity, while higher domestic prices put off most buyers in India.

A group of 21 Tanzanian nationals on Wednesday filed a lawsuit in Canada alleging the world’s second-biggest gold miner, Barrick Gold, was complicit in extrajudicial killings by police guarding its North Mara mine.

Spot silver rose 0.3 per cent to US$21.59 per ounce, platinum added 0.3 per cent to US$998.80, while palladium gained 0.6 per cent to US$1,892.67.

Market activity could be relatively muted by the US Thanksgiving holiday.

(Source : Reuters) , all rights reserved by original source.


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