GOLD weakened due to the recovery of the USD

١ ديسمبر ٢٠٢٣

World gold prices weakened yesterday as the USD recovered and investors were waiting for important inflation data to assess whether the US will cut interest rates sooner than expected. This precious metal decreased slightly in the last session before the PCE data was released. He assessed that the US Gross Domestic Product (GDP) data in the third quarter was positive, but this data could not affect the market's bets on the Fed cutting interest rates.

Recently, Fed officials warned of the possibility of interest rate cuts in the coming months and expected growth to slow and inflation to continue to decline. These comments pulled US 10-year bond yields down to a two-and-a-half-month low of 4.2470%.

At this session, the dollar fell to near a three-month low, making gold cheaper for buyers with other currencies. Currently, investors are focusing their attention on Fed Chairman Jerome Powell's speech at the meeting taking place today, December 1.