Gold Prices Tick Up After Recent Fall

18 Nov 2024 , 10:27 AM

Monday saw a little increase in gold prices after steep drops the previous week, although the recovery was constrained by predictions of gradual interest rate decreases in the US.

This week, at least seven representatives of the U.S. central bank are scheduled to speak. Traders will watch for additional indications of a rate cut.

Spot gold had risen 0.4% to $2,571.11 an ounce, following a two-month low the previous week. On Friday, gold saw its largest weekly drop in almost three years. At $2,575.70, U.S. gold futures increased 0.2%.

The dollar wanted to continue its upward trajectory. For other currency holders, bullion costs more when the dollar is stronger.

As investors significantly reduced their expectations for a rate cut in December last week, strong U.S. economic and inflation data continue to change the discussion among Federal Reserve policymakers over the speed and amount of rate decreases.

U.S. retail sales rose marginally more than anticipated in October, according to data released on Friday, indicating that the economy got off to a solid start in the fourth quarter.

As prices fell, physical gold premiums in India surged to an almost four-month high last week, propelled by a resurgence in demand.

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