Gold hits six-month high fueled by struggling US dollar
Gold prices reached a six-month peak on Monday, fueled by a weak US dollar and speculation that the US Federal Reserve might start easing monetary policy sooner than expected. At the time of writing, the spot gold rose 0.48% to $2,012.22 per ounce after hitting its highest since May 16 at $2,017.82. In the meantime, US gold futures went up 0.51% to $2,013.15 per ounce.
Key economic indicators awaited
This week, investors are keeping a close eye on the release of revised US third-quarter GDP data on Wednesday and the US PCE (personal consumption expenditure) price index on Thursday. These figures will provide insight into how the Federal Reserve's monetary policy decisions could be affected. The Federal Open Market Committee (FOMC) is scheduled to meet in December, and it's widely believed that the US Fed will keep interest rates steady.
Other precious metals follow suit
As gold prices continue to rise, other precious metals are also seeing gains. Spot silver jumped 1.4% to $24.65 per ounce, platinum rose 0.2% to $932.81 per ounce, and palladium increased 0.6% to $1,075.01 per ounce. These trends emphasize the broader market forces impacting precious metals and highlight the importance of economic indicators and central bank policies on their performance.
