Gold price slips as traders weigh outlook for Fed interest rate cuts
me-metals: Gold slipped as the dollar pushed higher with traders weighing the outlook for US monetary policy in 2025.
According to me-metals cited from mining.com, Bullion fell by as much as 0.6% as the greenback advanced after the US government averted a shutdown. Investors were also digesting the latest data on consumer confidence as well as the recent print on the Federal Reserve’s favored gauge of underlying inflation for November.
The Conference Board’s gauge of confidence unexpectedly sank in December for the first time in three months on concerns about the economy amid uncertainty around Trump administration policies, data released Monday showed. The Fed’s preferred measure of underlying price pressure, which was published last Friday, was muted, a step in the right direction for policymakers looking to continue lowering borrowing costs next year.
Lower rates are typically a positive for gold, as it doesn’t pay interest.
The precious metal has climbed more than 25% this year and repeatedly hit record levels, supported by US monetary easing, safe-haven demand and buying by the world’s central banks. However, the rally eased after the election of Donald Trump, which boosted the dollar. A stronger greenback makes commodities priced in the currency more expensive for most buyers.
Spot gold fell 0.3% to $2,615.54 an ounce as of 11:50 a.m. in New York, after dropping 1% last week. The Bloomberg Dollar Spot Index rose 0.3%. Platinum, palladium and silver were all higher.
source: mining.com
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