Gold prices stabilized Monday, December 5, after hitting their highest level in 5 months, while the dollar fell after more Chinese cities eased anti-Covid-19 restrictions over the weekend.<\/p>\n\n\n\n
There was little change in the spot gold price, recording $1,799.26 an ounce, after touching the highest level since July 5 at $1,809.91. US gold futures rose 0.1% to $1,812.10.<\/p>\n\n\n\n
The dollar index settled near its lowest level in more than 5 months, making gold priced in the US currency less expensive for buyers holding other currencies.<\/p>\n\n\n\n
The US labor market shrugged off fears of a recession, with data released on Friday showing US employers hired more employees than expected in November and raised wages.<\/p>\n\n\n\n
Traders see a 91% chance of a 50 basis point rate hike at the Fed meeting this month.<\/p>\n\n\n\n
Low interest rates tend to support gold as it reduces the cost of hedging the non-yielding precious metal.<\/p>\n\n\n\n
And more cities in China, the largest gold consumer, announced on Sunday the easing of anti-Corona virus restrictions, as the country seeks to make its \u201czero Covid\u201d policy more targeted and less stressful after unprecedented protests.<\/p>\n\n\n\n
As for other precious metals, silver rose in spot transactions by 0.1% to $23.14 an ounce, platinum rose 0.2% to $1016.01, and palladium rose 0.8% to $1914.02.<\/p>\n","protected":false},"excerpt":{"rendered":"
Gold prices stabilized Monday, December 5, after hitting their highest level in 5 months, while the dollar fell after more Chinese cities eased anti-Covid-19 restrictions over the weekend. There was little change in the spot gold price, recording $1,799.26 an ounce, after touching the highest level since July 5 at $1,809.91. US gold futures rose …<\/p>\n","protected":false},"author":9,"featured_media":70951,"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":[6885,6874,8143,8496,6984],"class_list":["post-76662","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-forex-markets","category-market-updates","tag-fed","tag-gold","tag-interest-rate-hikes","tag-tightening-monetary-policy","tag-treasury-yields"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/76662","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=76662"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/76662\/revisions"}],"predecessor-version":[{"id":76663,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/76662\/revisions\/76663"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/70951"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=76662"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=76662"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=76662"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}