Gold price today December 10: Price increases before Fed's decision to lower interest rates

Gold prices rose on Tuesday as investors remained optimistic about the Fed's interest rate decision, while silver climbed to an unprecedented $60 an ounce amid tight supplies.

Spot gold rose 0.6% to $4,211.77 an ounce at 03:21 p.m. ET (20:21 GMT). U.S. gold futures for February delivery rose 0.4% to $4,236.20 an ounce.

Spot silver prices rose 4.3% to $60.74 an ounce, hitting a record high.

Reuters quoted Fawad Razaqzada, a market analyst at City Index and FOREX.com, as saying that investors expect industrial demand for silver to increase sharply in the coming years, which is why silver prices are being pushed up . The buying momentum for this metal is currently very strong.

Sectors such as solar energy, electric vehicles and related infrastructure, along with data centers and artificial intelligence, will drive strong industrial demand between now and 2030, according to a research report by the Silver Institute.

Silver prices are also being supported by sustained low supply, declining global inventories, expectations that the Fed will soon ease monetary policy, and the recent inclusion of silver on the US list of essential minerals.

Regarding US policy, the Fed's two-day meeting will conclude on Wednesday with a decision on interest rates. Traders are currently forecasting an 87.4% probability that the Fed will cut rates by 25 basis points this week.

Gold's current move largely reflects silver's strong rally and strong expectations for a rate cut , according to Bob Haberkorn, senior market strategist at RJO Futures .

Meanwhile, the US Department of Labor's JOLTS report showed that the number of job openings increased to 7.67 million in October, exceeding the forecast of 7.15 million, indicating that the labor market remains strong.

Gold prices remained unaffected by the jobs report, Haberkorn said, while also predicting that "silver could surpass $70 per ounce in the first half of 2026, and gold is heading towards $5,000 per ounce."

Quang Trung

Source: https://baoninhbinh.org.vn/gia-vang-hom-nay-1012-gia-tang-truoc-quyet-dinh-ha-lai-suat-cua-fed-251210052243699.html