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PRECIOUS-Gold prices set for weekly gain on Fed rate-cut bets

December 15, 2023
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Dec 15 (Reuters) – Gold prices inched down on Friday but stayed on track for a weekly gain, as prospects of the U.S. Federal Reserve lowering borrowing costs dented the dollar and Treasury yields, boosting demand for the safe-haven asset.

FUNDAMENTALS

* Spot gold XAU=was down 0.1% at $2,033.29 per ounce, as of 0113 GMT. However, bullion has risen 1.5% so far this week. U.S. gold futures GCcv1 edged 0.1% higher to $2,047.60.

* The Fed left interest rates unchanged on Wednesday and Chair Jerome Powell said the historic tightening of monetary policy is likely over, with a discussion of cuts in borrowing costs coming “into view”.

* Fed officials estimated 75 basis points (bps) of rate cuts in 2024, with 2.4% inflation at the end of next year. Markets are now pricing in around a 75% chance of a rate cut in March, according to CME FedWatch tool.

* Lower U.S. interest rates put pressure on the dollar and bond yields, and increase the appeal of non-yielding bullion.

* The dollar=USD was heading for a weekly drop after hitting a four-month low on Thursday, making gold less expensive for other currency holders. USD/

* Benchmark U.S. 10-year bond yield US10YT=RR, meanwhile, hovered near its lowest level since July. US/

* The European Central Bank pushed back against bets on imminent cuts to interest rates on Thursday by reaffirming that borrowing costs would remain at record highs despite lower inflation expectations.

* Data showed U.S. retail sales unexpectedly rose in November. A separate report showed initial claims for state unemployment benefits dropped 19,000 to a seasonally adjusted 202,000 for the week ended Dec. 9.

* Spot silver XAG=eased 0.3% to $24.07 per ounce, while platinum XPT=fell 0.2% to $956.21 and palladium XPD=slipped 0.4% to $1,098.13.

DATA/EVENTS (GMT)

0200 China Urban Investment (YTD) YY Nov

0200 China Retail Sales YY Nov

0200 China Unemp Rate Urban Area Nov

0745 France CPI (EU Norm) Final MM, YY Nov

0815 France HCOB Mfg, Serv, Comp Flash PMIs Dec

0830 Germany HCOB Mfg, Serv, Comp Flash PMIs Dec

0900 EU HCOB Mfg, Serv, Comp Flash PMIs Dec

0930 UK Flash Comp, Mfg, Serv PMIs Dec

1000 EU Total Trade Balance SA Oct

1100 EU Reserve Assets Total Nov

1415 US Industrial Production MM Nov

1445 US S&P Global Mfg, Comp, Serv Flash PMIs Dec

(Reporting by Brijesh Patel in Bengaluru; Editing by Rashmi Aich)

((Brijesh.Patel1@thomsonreuters.com; Within U.S. +1 651 848 5832, Outside U.S. +91 9590227221; Reuters Messaging: Brijesh.Patel1.thomsonreuters.com@reuters.net))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : Nasdaq – https://www.nasdaq.com/articles/precious-gold-prices-set-for-weekly-gain-on-fed-rate-cut-bets

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