Gold stabilises amid weak trading and expectations of interest rate cuts

SINGAPORE: Gold prices settled today, Wednesday, amid low trading volume and expectations of the Federal Reserve System of the US reducing interest rates in the first quarter of 2024 and the general weakness of the dollar.

The price of gold stabilised in spot transactions at $2066.86 per ounce. US gold futures rose 0.4% to $2078.20 per ounce.

Gold is on track to achieve gains of more than 10% this year, marking its best performance since 2020, thanks to the trend towards buying safe-haven assets.

Regarding other precious metals, silver rose 0.2% in spot transactions to $24.25 per ounce, while platinum remained stable at $978.56, and palladium declined by 0.3% to $1176.49.
Source: Emirates News Agency