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Gold climbs to near two-week high on reinforced US rate cut bets
Gold climbed a near two-week high on Wednesday, after new U.S. economic data bolstered expectations of an interest rate cut by the Federal Reserve in December and weighed on the dollar. Spot gold rose 0.8% to $4,161.10 per ounce, as of 0241 GMT, its highest since November 14. U.S. gold futures for December delivery fell 0.5% to $4,159.00 per ounce. “Expectations are now being shaped more towards a December rate cut occurring…the case for which has been strengthened by a chorus of dovish remarks from Fed officials and benign economic data, which is boosting gold from a yield perspective,” said KCM Trade Chief ... (full story)
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