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0901 GMT – Gold prices rise on growing expectations that the Federal Reserve will cut interest rates further this year and as investors await key U.S. data this week. Futures in New York gain 0.5% to $4,107.30 a troy ounce, while spot is up 1.7% to $4,133.98 an ounce. Traders price in a nearly 81% chance of a December rate cut after Fed Governor Christopher Waller endorsed a rate reduction, citing a soft labor market and slowing inflation. Attention now shifts to the release of delayed data, including U.S. producer-price index data, retail sales and jobless claims. “We expect the metal to stay range-bound this week, with direction driven primarily by shifts in rate expectations and the tone of Fed communication,” Sucden Financial analysts say. “With Treasury yields stable and the dollar consolidating near recent highs, upside for gold remains limited in the near term.” ([email protected])
Gold Edges Higher Amid Fed Rate Cut Hopes
0016 GMT — Gold edges higher in the early Asian trade. Prices have been supported by Fed rate cuts’ expectations, amid dovish comments from central bankers, ANZ Research analysts write in a note. Fed Gov. Waller said on Monday that he is pushing for an interest-rate cut at the next Fed meeting. Waller’s comments came after New York Fed President John Williams said recently that near-term cuts remain a possibility. “The prospect of further cuts stoked demand for gold,” ANZ says. Spot gold is 0.2% higher at $4,141.70/oz. ([email protected])
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