Gold prices rebound

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FE Team | Published: December 18, 2023 21:39:13

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Gold prices climbed on Monday, buoyed by a weaker dollar and bond yields as markets awaited US inflation data due this week to ascertain the Federal Reserve's policy path after a dovish spin last week, reports Reuters.
Spot gold was up 0.3 per cent at $2,023.47 per ounce, as of 0926 GMT. US gold futures rose 0.1 per cent at $2,037.70.
"The softer US dollar at the start of the week is helping gold pare some of Friday's declines," said Exinity Chief Market Analyst Han Tan.
"Spot gold should find itself in a tremendously supported environment as long as the Fed can follow through with the anticipated rate cuts in 2024; the sooner the better for bullion bulls."
The Fed signalled that the historic tightening of monetary policy over the last two years is at an end, and held interest rates steady last week. Markets are pricing in about a 70 per cent chance of a Fed rate cut in March, according to CME FedWatch tool.