Gold rises on weaker U.S. dollar
Dec 27, 2023
Washington [US], December 27: Gold futures on the COMEX division of the New York Mercantile Exchange rose on Tuesday as the U.S. dollar weakened.
The most active gold contract for February delivery rose 0.70 U.S. dollars, or 0.03 percent, to close at 2,069.80 dollars per ounce.
Gold broke out of the 2,000-dollar to 2,050-dollar trading range established in most of December. A softer-than-expected November personal consumption expenditure (PCE) price index, an inflation gauge preferred by the Federal Reserve, boosts market expectations that the Fed will begin cutting interest rates by as soon as March 2024.
The S&P CoreLogic Case-Shiller 20-city house price index rose a seasonally adjusted 0.6 percent in October compared to the previous month. Home prices in the 20 major U.S. metro markets were up 4.9 percent in the last 12 months ending in October, rising for the ninth month in a row and hitting a record high. This capped gold's growth somewhat.
Silver for March delivery fell 16.90 cents, or 0.69 percent, to close at 24.396 dollars per ounce. Platinum for April delivery rose 1.90 dollars, or 0.19 percent, to close at 995.60 dollars per ounce.
Source: Xinhua
