Gold rises 1.4% with renewed expectations of interest rate cuts in December
Gold prices rose today, Monday, supported by expectations of a new cut in US interest rates next December, and a series of weak economic data that raised concerns about a slowdown in global growth.
And The price of gold in spot transactions increased by 1.4%, reaching $4,053.40 per ounce by 04:35 GMT. US gold futures contracts (December delivery) rose by 1.3%, reaching $4,062.40 per ounce.
Tim Waterer, chief market analyst at "KCM Trade": "Gold is witnessing strong demand from traders at the beginning of the week, with the precious metal rising amid expectations that interest rates could be cut next month, although the Federal Reserve (the US central bank) played down the chances of this happening.".
Last week’s data showed that The US economy lost jobs last October, amid losses in the government and retail sectors, while cost-cutting and companies’ adoption of artificial intelligence led to an increase in layoffs.
An opinion poll published on Friday showed that US consumer confidence fell to its lowest level in about three and a half years in early November, amid fears of the economic repercussions of the longest government shutdown ever.
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