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☆ Gold edges higher with spotlight on Fed meeting
▼ + stars: | 2024-12-16 | by ( ) www.cnbc.com time to read: +1 min

Gold prices inched higher on Monday as investors anticipated a potential interest rate cut by the Federal Reserve this week, with focus on the central bank's language on rate cuts next year. Spot gold was up 0.1% to $2,652.07 per ounce as of 0155 GMT. Investors view it as a near-given that the Fed will cut rates by a quarter point at its Dec. 17-18 meeting. "Over the past month, gold prices have pulled back from the $2,720 level on at least two occasions, which makes it a key resistance for buyers to overcome ahead to pave the way for more upside," Yeap said. Spot silver was flat at $30.54 per ounce, platinum shed 0.3% to $922.05, while palladium gained 0.4% to $956.58.

Persons: Dore, Yeap Jun Rong, Yeap Organizations: Federal Reserve Locations: Bergama district, Izmir, Turkey, Gaza

☆ Gold firms as dollar inches lower; Powell's speech in focus
▼ + stars: | 2023-02-07 | by ( ) www.cnbc.com time to read: +2 min

Gold prices rose on Tuesday as the dollar pulled back slightly, with traders awaiting U.S. Federal Reserve Chair Jerome Powell's speech later in the day for hints about future rate hikes after last week's strong economic data. Gold prices had shot over the $1,900-an-ounce threshold in January on hopes of slower Fed rate hikes, but prices have since retreated. Market participants will be keenly watching Powell's speech to see if he turns hawkish after last week's stunning jobs data. Gold is sensitive to high interest rates, which lift the opportunity cost of holding the non-yielding asset. Spot silver rose 0.3% to $22.33 per ounce, platinum XPT= eased 0.1% to $970.94 and palladium edged 0.1% lower to $1,596.74.

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