Gold Remains Close to Record Highs

SEATTLE (Scrap Monster):  Gold dipped to around $4,330 per ounce on Thursday but stayed near the record highs reached in October, as expectations of further US rate cuts and ongoing geopolitical risks supported the metal’s appeal.

Fed Governor Christopher Waller expressed backing for additional interest rate reductions while stressing that policymakers can move cautiously.

The comments follow US labor data showing further signs of cooling, with the unemployment rate rising to its highest level in four years, and November job gains were insufficient to offset October’s slowdown.

Market attention now turns to the delayed CPI report due later today.

Meanwhile, geopolitical tensions are mounting, as the US moved to halt all sanctioned Venezuelan oil shipments following last week’s tanker seizure and military deployment, while in Ukraine, Russian President Vladimir Putin reiterated his firm stance on territorial demands, even as Washington intensifies efforts to broker a diplomatic resolution.

Courtesy: www.tradingview.com