Domestic gold prices
Domestic gold price trends
Trends in world gold prices
Global gold prices surged amid a weakening US dollar. At 5:00 PM on December 2nd, the US Dollar Index, which measures the dollar's fluctuations against six major currencies, stood at 103.125 points (down 0.29%).
The gold market heated up after the Chairman of the US Federal Reserve (FED), Jerome Powell, acknowledged that the FED needs to act cautiously at a time when there are signs of a weakening economy .
Jerome Powell boosted traders' confidence that the US central bank has completed its monetary policy tightening and may cut interest rates as early as March next year.
Powell stated that the Fed is not currently considering lowering interest rates. However, analysts believe it is clear that the Fed will not raise interest rates once the economy begins to slow down. Following Powell's remarks, spot gold surged, at one point reaching $2,075.09 per ounce, surpassing its previous all-time high of $2,072.49 reached in 2020.
Commenting on the short-term outlook for precious metals, Jim Wyckoff, senior analyst at Kitco Metals, offered a positive forecast. Gold is being supported by the downward trend of the US dollar amid predictions that the Fed will not raise interest rates again and may even lower them.
Lower interest rates reduce the opportunity cost of holding non-yielding assets, thus typically driving gold prices higher.
Conversely, David Meger, director of metals trading at High Ridge Futures, a futures trading firm, believes gold prices may fall next week, but overall, the sideways trend leading to higher gains will continue in the near future. Many now believe the Fed has completed its interest rate hikes and that rate cuts will occur in 2024.
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