Gold rises, dollar stabilizes

26/12/2023 Argaam

Gold rose today, Dec. 26, amid stability in the US dollar, driven by forecasts that the Federal Reserve would cut interest rates in the first quarter of 2024.

 

Gold futures for February delivery rose 0.28% to $2,074 per ounce at 10:19 am Makkah time.

 

Spot prices were up 0.52% to $2,063, and silver futures for March delivery increased 0.26% to $24.63.

 

Meanwhile, platinum spot prices fell 0.26% to $974.06.

 

Yeap Jun Rong, market strategist at IG, said gold prices resumed their uptrend this week, supported by higher-than-expected slowdown in the US personal consumption expenditure, which supports forecasts for interest-rate cut by the Fed.

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