Gold prices jumped to a two-week high in early Asian trade on Thursday after Federal Reserve Chairman Jerome Powell’s speech boosted expectations of a lower US interest rate hike.<\/p>\n\n\n\n
By 0039 GMT, spot gold rose 0.4 percent to $1,775.77 an ounce, after touching its highest level since November 16.<\/p>\n\n\n\n
US gold futures rose 1.7 percent to $1,788.90 an ounce.<\/p>\n\n\n\n
Powell said on Wednesday that it is time to slow down the pace of the next hike in US interest rates.<\/p>\n\n\n\n
Market participants now largely expect the US central bank at its next meeting in December to raise interest rates by 50 basis points.<\/p>\n\n\n\n
Lower interest rates make the precious metal more attractive and lower the opportunity cost of holding non-interest-bearing gold. Gold ended November transactions, up by more than eight percent, which is the highest monthly rate of increase since July 2020.<\/p>\n\n\n\n
Investors are now awaiting the US non-farm payroll data expected to be released by the Labor Department on Friday, which may influence monetary policy decisions.<\/p>\n\n\n\n
As for other precious metals, silver increased in spot transactions by 0.3 percent, to $ 22.26 an ounce. Platinum rose 0.6% to $1,038.46 an ounce, while palladium rose 0.6% to $1,892.35 an ounce.<\/p>\n","protected":false},"excerpt":{"rendered":"
Gold prices jumped to a two-week high in early Asian trade on Thursday after Federal Reserve Chairman Jerome Powell’s speech boosted expectations of a lower US interest rate hike. By 0039 GMT, spot gold rose 0.4 percent to $1,775.77 an ounce, after touching its highest level since November 16. US gold futures rose 1.7 percent …<\/p>\n","protected":false},"author":9,"featured_media":59584,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,37,36],"tags":[6832,10104,9970,6885,7603,7164],"class_list":["post-76539","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-forex-markets","category-market-updates","tag-china","tag-cook","tag-dovish-stance","tag-fed","tag-gold-prices","tag-powell"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/76539","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=76539"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/76539\/revisions"}],"predecessor-version":[{"id":76540,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/76539\/revisions\/76540"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/59584"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=76539"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=76539"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=76539"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}