Gold Rises To 1858 USD Per Ounce
Gold extended its New Year’s rally to trade near a seven-month high on Wednesday, helped by a weaker US dollar and rising expectations of less aggressive interest rate hikes by the Federal Reserve.
Spot gold was up 1.0% at $1,858.97 an ounce on Wednesday 04.01.2023 midday, its highest level since mid-June. US gold futures also gained 1.0% to $1,864.20 an ounce in New York.
The US dollar index, meanwhile, fell 0.4%, making bullion cheaper for overseas investors.
There is some optimism in the market ahead of the release of the Fed’s December meeting minutes later today, Kinesis Money outside analyst Carlo Alberto De Casa said.
“The majority of investors are betting on a 0.25% rate hike at the next Fed meeting, unlike a few weeks ago when another 0.50% rate was considered almost safe,” he said. he added.
DESKECO with mining.com
