Among other precious metals, the silver spot shot a 5.5%$22.98 per ounce, the platinum ascended a 1.5%, au$s1,055.25, and the palladium added a 4.2%au$s1,944.55.
Spot gold gained 8.3% in November, ending its seven-month losing streak, as investors applauded Powell’s comments at the Brookings Institution. However, Powell also warned that the fight against inflation is far from over.
The dollar, which is an asset considered a safe haven, fell 1.2%, which made gold less expensive for buyers with other currencies.
Market participants now see a 91% chance that the Fed will raise its interest rate by 50 points. basics at your next meeting in December.
But Carsten Menke, an analyst at Julius Baer, said the rally following Powell’s statement was “overkill” considering markets had already rallied on expectations of a slowdown in rate hikes earlier this month.
Investors’ attention is now focused on non-farm payrolls data from the US Department of Labor due for release on Friday, after private payrolls figures in the country pointed to weakness in the labor market.
Source: Ambito
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