Thursday, June 13, 2024
HomeBusinessGold Hits 2-Week High, Copper Firms as Dollar Retreats By

Gold Hits 2-Week High, Copper Firms as Dollar Retreats By


Related stories

5 Reasons AI Will Revolutionize Investment

If you’re an investor in the stock market, you...

Advantages of Financial Advisory Services in Retirement Planning

Planning for retirement can be both exciting and daunting....

Uncovering the Mysteries of Mount Hayes: A Expedition

History and Exploration of Mount Hayes Mount Hayes...

What are Electrical Control Panels and Why Do You Need One?

Our lives are fueled by electricity. From the moment...

Tammy Slaton Shares New Video, Flaunts Incredible Weight Loss

Tammy Slaton is clearly very proud of the progress...


© Reuters.

By Ambar Warrick– Gold prices traded near their highest level in two weeks on Thursday, with metal markets rallying as the dollar retreated on growing expectations that the Federal Reserve will soften its hawkish stance this year. 

rose 0.1% to $1,666.79 an ounce, briefly hitting an over two-week high of $1,675.03, while traded at $1,670.80 an ounce, just below a two-week high. 

Bullion prices jumped nearly 1% on Wednesday, and are now up for a third consecutive session. The gains now put the yellow metal within sight of its next major hurdle, crossing the $1,700 mark. 

The fell 0.1% on Thursday after tumbling more than 1% in the prior session, as investors bet that a slowdown in U.S. economic growth will push the Fed into softening its pace of interest rate hikes this year. Treasury yields also came under pressure.

The greenback is now trading at its weakest level in over one month, and is nearly 5% off a twenty-year high hit in September. 

While markets almost unanimously expect the Fed to in November, expectations that it will enact a 50 bps hike in December are growing. 

Traders are currently pricing in a nearly 60% chance for a 50 bps hike in the Fed’s last meeting this year. 

The prospect of a less hawkish Fed provided great relief for gold prices, given that rising interest rates this year severely depleted appeal for the yellow metal.

Still, even if the Fed softens its hawkish stance, U.S. interest rates are expected to stay elevated until at least 2024, keeping gold prices subdued. 

See also  U.S. lawmakers to investigate approval, pricing of Alzheimer's drug from Biogen By Reuters

Among industrial metals, copper prices traded flat on Thursday after rallying over 4% in the prior session. 

traded around a three-week high of $3.540 a pound. The red metal, which marked a weak start to the week on concerns over slowing demand in China, also benefited from the prospect of supply shortages in the coming months.

Copper demand is also expected to heat up as electrification gains traction in the coming years.



Source link

Bellie Brown
Bellie Brown
Hi my lovely readers, I am Bellie brown editor and writer of I write blogs on various niches such as business, technology, lifestyle., health, entertainment, etc as well as manage the daily reports of the website. I am very addicted to my work which makes me keen on reading and writing on the very latest and trending topics. One can check my more writings by visiting

Latest stories