Gold Prices Fall After US Fed Signals Rate-Cut Slowdown

2024-12-20 02:36:35

(MENAFN- The Peninsula) QNA

Singapore: Gold prices were set for a weekly decline on Friday after the US Federal Reserves verdict on its monetary policy-easing cycle signaled a slowdown in rate cuts in 2025, while focus shifted to the US Personal Consumption Expenditure data due later in the day.

Spot gold was little changed at $2,596.89 per ounce, and has lost about 2% so far this week.

US gold futures nudged 0.1% higher to $2,611.30.

Investors now await the core PCE data, the Feds preferred inflation measure, for further clues on the US economic outlook.

The Fed cut rates by 25 basis points and the cautious note struck by its economic projections and expected slowdown of rate cuts pushed gold on Wednesday to its lowest point since November 18.

Silver was headed for its worst week since Dec. 2023. Spot silver fell 0.4% to $28.92 per ounce.

Platinum was down 0.3% at $920.80 and palladium steadied at $906.47. Both the metals were poised for weekly losses.

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