Gold rallies as investors digest Fed meeting minutes

Gold prices gained ground today, Jan. 4, as investors absorbed the minutes of the Federal Reserve’s last meeting, which contributed to strengthening investors' outlook about the imminent end of the monetary tightening cycle.

Bullion for February delivery climbed by 0.61% to $2,055.30 per ounce at 10:49 am Makkah time, with spot prices also up 0.31% to $2,047.80 an ounce.

Silver futures for March delivery, likewise, added 0.19% to $23.20 per ounce, while platinum spot prices declined 0.41% to $972.05 per ounce.

Minutes of the Fed meeting held last month showed that monetary policymakers expect to cut rates by 75 basis points on average in 2024, with eight board members estimating the need for smaller cuts, while five of them see deeper cuts.

On the other hand, data from the US Bureau of Labor Statistics released on Jan. 3 revealed a monthly decrease in US job openings by 62,000 to 8.79 million opportunities during November 2023, versus expectations for 8.77 million jobs during the same period.