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Gold rises as U.S. dollar weakens

Tan KW
Publish date: Sat, 02 Dec 2023, 07:16 AM
Tan KW
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CHICAGO, Dec. 1 -- Gold futures on the COMEX division of the New York Mercantile Exchange rose on Friday as the U.S. dollar weakened.

The most active gold contract for February delivery rose 32.50 U.S. dollars, or 1.58 percent, to close at 2,089.70 dollars per ounce.

The Federal Reserve may be done raising interest rates if inflation and the economy continue to cool as expected, Federal Reserve Chairman Powell said in a speech at Spelman College on Friday. Nevertheless, he also noted that central bankers could raise interest rates further if that became necessary.

Powell's comments may cement already-widespread expectation that the Fed will leave interest rates unchanged at its meeting on Dec. 12 and 13.

Speaking at the regional bank's annual economic outlook symposium, Chicago Fed President Austan Goolsbee said Friday that U.S. inflation is on track to slow to the central bank's goal of 2 percent.

Goolsbee said the latest inflation data was "absolutely what we wanted it to be."

Economic data released on Friday were mixed. The S&P Global manufacturing PMI registered a slightly more positive reading at 49.4 in November, down from 50.0 in October.

The Institute for Supply Management's (ISM) manufacturing index came in worse than expected at 46.7 percent in November, below the median expectation of economists and lower than the 50 percent threshold indicating growth in the sector.

The U.S. Commerce Department reported that U.S. spending on construction increased 0.6 percent in October to just over a 2-trillion-dollar annual rate. Economists had forecast a 0.3-percent increase.

Silver for March delivery rose 19.70 cents, or 0.77 percent, to close at 25.857 dollars per ounce. Platinum for January delivery rose 0.20 dollars, or 0.02 percent, to close at 936.10 dollars per ounce.


  - Xinhua


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