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Business News/ Markets / Commodities/  Gold prices soar to six-month high on weak US dollar
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Gold prices soar to six-month high on weak US dollar

Gold prices were also boosted on hopes that the US Federal Reserve may start easing monetary policy sooner than expected

At 1019 GMT, spot gold was up 0.6% at $2,012.92 per ounce after hitting its highest since May 16 at $2,017.82. REUTERSPremium
At 1019 GMT, spot gold was up 0.6% at $2,012.92 per ounce after hitting its highest since May 16 at $2,017.82. REUTERS

Gold prices soared to a six-month high on Monday, on a weakness in the US dollar. The prices of yellow metal were also boosted on hopes that the US Federal Reserve may start easing monetary policy sooner than expected.

At 1019 GMT, spot gold was up 0.6% at $2,012.92 per ounce after hitting its highest since May 16 at $2,017.82.

US gold futures gained 0.5% at $2,013.80 per ounce.

The US dollar fell 0.1% against a basket of major currencies.

The US dollar index has fallen 3.16% in November. The gauge tracks the dollar against six peers.

For clues on the Fed monetary policy impact, investors are awaiting the revised US third quarter GDP (Gross Domestic Product) figures due to be released on Wednesday, followed by the US PCE (personal consumption expenditure) price index on Thursday. 

At its next FOMC (Federal Open Market Committee) meet in December, the US Fed is widely expected to leave rates unchanged.

Spot silver gained 1.4% at $24.65 per ounce, platinum rose 0.2% at $932.81. Palladium rose 0.6% at $1,075.01 per ounce.

On Friday, gold for December delivery added $10.20 at $2,003 per ounce. Silver for December delivery rose 65 cents at $24.34 per ounce.

Global stock markets were almost flat on Monday as investors are eyeing key US and European inflation data later in the week. 

The MSCI index of world stocks was down 0.06%.

The pan-European STOXX 600 index edged lower 0.13%. The futures on the S&P 500 index were down 0.18%.

Major Asian stock markets also declined on Monday.

The yield on the 10-year US treasury note rose 1 basis point at 4.494%.

Crude oil prices slid nearly 2% on Monday ahead of a meeting of OPEC and its allies on November 30. The member countries will deliberate on supply curbs in 2024.

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Published: 27 Nov 2023, 04:30 PM IST
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