GOLD increased slightly thanks to the weakening of USD
World gold prices increased slightly thanks to the weakening of the greenback when the latest published economic report reinforced expectations that the US Federal Reserve (FED) will cut interest rates in March 2024. Data showed that US Gross Domestic Product (GDP) increased 4.9% in the third quarter, lower than expectations of 5.2% due to weaker consumer spending and imports than estimated, while applications Weekly unemployment benefits increased slightly.
The market is expecting the FED to accelerate the process of cutting interest rates. Weaker GDP data caused the USD to fall 0.5%, while US 10-year Treasury yields are fluctuating near a 5-month low, pushing gold prices up.
This morning, the USD-Index was at 101.84 points, the 10-year US Treasury bond yield increased to 3.905%, but was still at the lowest level in 5 months.
The market is expecting the FED to accelerate the process of cutting interest rates. Weaker GDP data caused the USD to fall 0.5%, while US 10-year Treasury yields are fluctuating near a 5-month low, pushing gold prices up.
This morning, the USD-Index was at 101.84 points, the 10-year US Treasury bond yield increased to 3.905%, but was still at the lowest level in 5 months.
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