Gold prices rising again after 2-week low

<img width="250" height="151" src="https://www.leaprate.com/wp-content/uploads/2022/05/Gold-006-250×151.jpg" class="webfeedsFeaturedVisual wp-post-image" alt="" decoding="async" style="float: left; margin-right: 5px;" link_thumbnail="" srcset="https://www.leaprate.com/wp-content/uploads/2022/05/Gold-006-250×151.jpg 250w, https://www.leaprate.com/wp-content/uploads/2022/05/Gold-006-700×422.jpg 700w, https://www.leaprate.com/wp-content/uploads/2022/05/Gold-006-768×463.jpg 768w, https://www.leaprate.com/wp-content/uploads/2022/05/Gold-006-120×72.jpg 120w, https://www.leaprate.com/wp-content/uploads/2022/05/Gold-006-245×148.jpg 245w, https://www.leaprate.com/wp-content/uploads/2022/05/Gold-006-500×301.jpg 500w, https://www.leaprate.com/wp-content/uploads/2022/05/Gold-006.jpg 880w" sizes="(max-width: 250px) 100vw, 250px" /><p>The markets are eager to see the November core personal consumption expenditure (PCE) price index report, due early this afternoon, which will disclose the Fed’s take on underlying inflation. Having said that, Fed officials deflected the notion of quickfire rate cuts in Q1 2024, but this does not seem to have deterred the market outlook.</p>
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<div><img aria-describedby="caption-attachment-451634" decoding="async" class="wp-image-451634" src="https://www.leaprate.com/wp-content/uploads/2023/12/FIN-LP-Gold-prices-rising-again-after-2-week-low-5733720365.jpg" alt="" width="98" height="98" srcset="https://www.leaprate.com/wp-content/uploads/2023/12/FIN-LP-Gold-prices-rising-again-after-2-week-low-5733720365.jpg 500w, https://www.leaprate.com/wp-content/uploads/2023/12/FIN-LP-Gold-prices-rising-again-after-2-week-low-5733720365-250×250.jpg 250w, https://www.leaprate.com/wp-content/uploads/2023/12/FIN-LP-Gold-prices-rising-again-after-2-week-low-5733720365-150×150.jpg 150w, https://www.leaprate.com/wp-content/uploads/2023/12/FIN-LP-Gold-prices-rising-again-after-2-week-low-5733720365-120×120.jpg 120w, https://www.leaprate.com/wp-content/uploads/2023/12/FIN-LP-Gold-prices-rising-again-after-2-week-low-5733720365-245×245.jpg 245w" sizes="(max-width: 98px) 100vw, 98px" /><p>Kelvin Wong Source: LinkedIn</p></div>
<p>Kelvin Wong, a senior market analyst for Asia Pacific at OANDA, stated:</p>
<blockquote><p>US real yields have been ticking downwards because of increasing expectations for the first rate cut from Fed to come in March and that is a positive catalyst for gold prices right now. Also, there is some safe-haven buying coming due to issues in the Red Sea.</p></blockquote>
<p>Silver gained ground with a 0.2% rise to $24.44 per ounce, while platinum gained 0.3%. Spot <a href="https://www.leaprate.com/forex/market-news/daily-market-commentary-gold-prices-are-feeling-the-squeeze-caused-by-a-strengthening-dollar/" target="_blank" rel="noopener">gold</a> also rose 0.2%, registering at $2,048.99 per ounce, its highest increase since 4 December. CME FedWatch tool suggested that investors and traders alike are betting on an 83% chance of Fed rate cuts by March 2024.</p>
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