Gold regains its luster as markets await interest rate decisions

Gold prices rose today, supported by expectations that the Federal Reserve (the US central bank) will cut interest rates again next December, in addition to weak economic data that raised concerns about global growth.

By 01:15 GMT, gold in instant transactions rose by about 0.7 percent to $4,027.88 per ounce.

US gold futures for December delivery rose 0.7 percent to $4,036.60 an ounce.

Data last week showed that the US economy lost jobs in October amid losses in the government and retail sectors, while cost-cutting and companies’ reliance on artificial intelligence led to an increase in announced layoffs.

A poll on Friday showed that consumer sentiment in the United States fell to its lowest level in nearly three and a half years in early November amid concerns about the economic repercussions of the longest US government shutdown ever.

According to CME’s FeedWatch tool, market participants now expect 67 percent of interest rate cuts in December.

Non-yielding gold tends to rise in a low interest rate environment and during times of economic volatility.

Yesterday, the US Senate began preparing to move forward with a measure aimed at reopening the federal government and ending the closure that lasted 40 days.

As for other precious metals, silver rose in spot transactions 1.1 percent to $48.84 per ounce, platinum increased 1.2 percent to $1,563.25, and palladium rose 1.2 percent to $1,396.75.