Gold Steady Near Record High Before Data That May Give Fed Clues

(Bloomberg) — Gold steadied near a record, with upcoming US data expected to give clues on whether the Federal Reserve’s 50-basis-point rate reduction last week will be the first in a series of aggressive cuts.

Most Read from Bloomberg

Bullion traded near $2,620 an ounce after hitting an all-time high of $2,625.77 an ounce on Friday. A batch of economic data — including the US personal consumption expenditures gauge and jobless claims — are scheduled to be released later in the week.

On Friday, Fed Governor Christopher Waller said he’d likely back quarter-point cuts at each of the next two central bank policy meetings in November and December, should the economy evolve as he expects. Still, he said another half-percentage-point cut could eventuate if the job market weakens.

Gold traders were also monitoring escalating tensions in the Middle East, on concerns fighting between Hezbollah and Israel could broaden into a wider regional conflict. That would likely bolster the metal’s haven status.

Spot gold was little changed $2,621.11 an ounce as of 7:51 a.m. in Singapore, following a 1.7% gain last week. The Bloomberg Dollar Spot Index was stable. Silver, palladium and platinum all declined.

Most Read from Bloomberg Businessweek

©2024 Bloomberg L.P.

  • Related Posts

    Oil Edges Lower After Surging Last Week on Geopolitical Risks

    News Today's news US Politics World Tech Reviews and deals Audio Computing Gaming Health Home Phones Science TVs Climate change Health Science 2024 election Originals The 360 Newsletters Life Health…

    Gold Tumbles as Traders Turn Attention to the Fed’s Next Move

    News Today's news US Politics World Tech Reviews and deals Audio Computing Gaming Health Home Phones Science TVs Climate change Health Science 2024 election Originals The 360 Newsletters Life Health…

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    You Missed

    Oil Edges Lower After Surging Last Week on Geopolitical Risks

    • By admin
    • November 25, 2024
    • 1 views
    Oil Edges Lower After Surging Last Week on Geopolitical Risks

    Gold Tumbles as Traders Turn Attention to the Fed’s Next Move

    • By admin
    • November 25, 2024
    • 2 views
    Gold Tumbles as Traders Turn Attention to the Fed’s Next Move

    Private Credit, Fed Put Are Crushing Junk Spreads, Marty Fridson Says

    • By admin
    • November 25, 2024
    • 4 views
    Private Credit, Fed Put Are Crushing Junk Spreads, Marty Fridson Says

    Slowing Mexico Inflation and Growth Open Door to Larger Cut

    • By admin
    • November 25, 2024
    • 4 views
    Slowing Mexico Inflation and Growth Open Door to Larger Cut

    Unlike a Fine Wine, Tax Issues Do Not Get Better with Age

    • By admin
    • November 24, 2024
    • 4 views
    Unlike a Fine Wine, Tax Issues Do Not Get Better with Age

    Economists See Stubborn Inflation, Gradual Fed Rate-Cut Tempo

    • By admin
    • November 24, 2024
    • 4 views
    Economists See Stubborn Inflation, Gradual Fed Rate-Cut Tempo