Gold finishes higher for fourth straight session

Gold prices extended their gains at settlement today, Nov. 29, amid growing expectations that the Federal Reserve would end its monetary tightening cycle in the US.

Bullion for February delivery advanced 0.35%, or $6.90, to close at $2,067.10 per ounce — the highest close since May 15, after hitting $2,072.70 an ounce.

Meanwhile, the US dollar index, which measures the performance of the US currency against a basket of six major currencies, settled at 102.76 points at 09:43 pm Makkah time, after touching 102.47 points — the lowest level since Aug. 11.

Atlanta Fed President Raphael Bostic said that he has more confidence that inflation will continue to drop over the next year, implying the central bank could be done raising interest rates if his prediction holds.

Investors are awaiting the release of the Personal Consumption Expenditures (PCE) Price Index in the US on Nov. 30, which is the Federal Reserve’s preferred inflation indicator, seeking more about monetary policy prospects.