Gold prices rise by $17.88 amid FOMC minutes

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

Add Mettisglobal as a Trusted Source on Google

0:00

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.

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	167,089.28 109.91M	-0.21% -352.63
ALLSHR	101,117.40 308.32M	-0.15% -155.10
KSE30	49,841.71 50.59M	-0.28% -142.15
KMI30	240,372.43 78.75M	-0.02% -45.72
KMIALLSHR	65,518.16 188.07M	-0.05% -35.70
BKTi	46,228.77 7.60M	-0.60% -281.04
OGTi	33,974.66 4.20M	-0.27% -91.31

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	83,315.00	83,705.00 81,750.00	1365.00 1.67%
BRENT CRUDE	104.17	104.21 102.33	-0.11 -0.11%
RICHARDS BAY COAL MONTHLY	128.50	0.00 0.00	0.75 0.59%
ROTTERDAM COAL MONTHLY	143.40	143.40 143.40	-1.15 -0.80%
USD RBD PALM OLEIN	1,167.50	1,167.50 1,167.50	0.00 0.00%
CRUDE OIL - WTI	91.46	91.76 90.01	-0.03 -0.03%
SUGAR #11 WORLD	20.39	20.44 20.10	0.24 1.19%