Domestic gold prices
Domestic gold price trends
World gold price trends
Global gold prices halted their upward trend amid a strengthening US dollar. At 0:30 AM on December 1st, the US Dollar Index, which measures the dollar's fluctuations against six major currencies, stood at 103.360 points (up 0.67%).
Stronger GDP data boosted the dollar and put pressure on gold. According to the Bureau of Economic Analysis, US GDP in the third quarter grew 5.2%, compared with an estimated 4.9%.
Nevertheless, analysts at Société Générale believe that gold could reach new highs in 2024. They see pushing prices above $2,000 per ounce as the start of a larger recovery that could keep the precious metal at around $2,200 per ounce for most of next year.
Gold prices have remained near their highest levels in about seven months. This is due to expectations that the US Federal Reserve (FED) may cut interest rates in early 2024, which boosts the outlook for non-yielding assets like gold.
According to the CME FedWatch Tool, markets expect the Fed to keep interest rates unchanged in December and predict a 45.5% chance they will cut rates to 5.00-5.25 bps in March.
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