The global gold price on December 17; Anas increased by 0.03 percent
reported by Mehr News Agency, citing Reuters, the drop in the value of the dollar has increased the price of gold in Monday’s trading. Investors are waiting for US economic data, including the non-farm payrolls report in December, to get more clues about the Federal Reserve’s approach to interest rates.
The price of gold per ounce increased by 0.03% to $2,641 and 2 cents today. The price of gold futures on the Comex market of New York has reached $2,653 and 10 cents with a decrease of 0.06%.
Analysts believe that the release of US employment data this week will determine the performance of gold. Last month, the US central bank worried the markets with the possibility of reducing the number of interest rate cuts in 2025. The US employment report can further define the approach of the Federal Reserve.
The low interest rate environment is in favor of gold. In addition, the desire for this precious metal as a safe haven increases in times of geopolitical instability and high inflation.
Donald Trump will return to the White House on January 20, and his proposed tariffs and policies to support domestic production are expected to increase inflation.
In this way, the Federal Reserve will be forced to slow down the process of lowering interest rates, which will prevent the gold price from rising.
After lowering the interest rate 3 times in 2024, the US central bank has now announced that it will probably lower the interest rate only 2 more times in 2025.
Among other precious metals, silver rose 0.05 percent to $30.8 cents and platinum traded down 0.30 percent to $936.66 cents.
