GOLDCeylon | December 3, 2023 | Colombo
Gold jumped to a new all-time high on Friday after three straight weeks of gains on bets that US interest rates could soon be cut — and safe haven buying amid turmoil in the Middle East and elsewhere.
Gold’s Record Surge: Anticipating Federal Reserve’s Rate Cut Pivot in 2024
On Friday, Gold hit an all-time high of $2,075 an ounce – extending its winning streak for an eighth consecutive day – after Federal Reserve officials shifted their tone, inching closer to the long-awaited “pivot” away from aggressive interest rate hikes to the first rate cut in early 2024.
A series of Federal Reserve policymakers – including six who will vote on policy next year — indicated in recent days that they were comfortable with keeping rates steady at their December meeting, encouraged by the downward trend in inflation and data showing a slowing economy.
Source: Kitco, Bloomberg
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