Gold prices rise by $17.88 amid FOMC minutes

By MG News | November 27, 2024 at 02:23 PM GMT+05:00

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November 27, 2024 (MLN): Gold prices experienced a significant increase of $17.88 to $2,650.83 per ounce [2:10 pm] from the prior day's close of $2,632.95 per ounce as investors continued to digest the latest FOMC minutes while awaiting key US data for further insights into the Federal Reserve's monetary policy outlook.

The officials expressed confidence in the easing of inflation and the strength of the labor market, the minutes also revealed a cautious approach to further rate cuts, signaling a preference for gradual adjustments, as reported by Kitco.

Most investors are still pricing in a 25bps rate cut in December, with the probability standing at around 63%, which would reduce the opportunity cost of holding non-interest-bearing gold.

Furthermore, China’s net gold imports through Hong Kong in October fell from September and dropped 43% year-on-year.

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