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Gold Holds Near Eight-Week Low as US Dollar Rallies Higher
Gold held a four-day drop as a sharp rally in the dollar weighed on the metal, even as US inflation data supported the case for another Federal Reserve rate cut next month. Bullion was steady following a 1% drop in previous session that pushed it to an eight-week low. A gauge of the dollar has risen to a two-year high on expectations that President-elect Donald Trump’s win will boost economic growth and corporate profits. A stronger greenback makes commodities priced in the currency more expensive for most buyers. Wednesday’s US consumer price data fell, in line with expectations on a headline basis, although the ... (full story)
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- Posted: Nov 13, 2024 9:05pm
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 190
