Gold ticks up amid expectations for slower rate hikes

Gold prices edged up today, Dec. 7, as stable US dollar was stable amid expectations for the US interest rates and the changes China made to its COVID-19 restrictions.

Markets expect the Federal Reserve to ease its monetary policy, after hiking interest rates in the last four meetings. The US central bank is forecast to raise rates by 50 basis points (bps) instead of 75 bps backed by the recent positive economic data.

Meanwhile, China announced today a nationwide easing of COVID-19 restrictions.

Gold futures for February delivery traded 0.16%, or $2.80, higher at $1785.20 an ounce at 10:53 am Makkah time. Gold spot prices inched up 0.14% to $1,773.54 an ounce.

Meanwhile, silver futures gained 0.63% to $22.48, while the spot price of platinum slipped 0.28% to $988.68. Palladium added 1.38% to $1,874.04.