Gold Prices Rally as Rate Cut Bets Strengthen
Gold prices surged on Thursday as investors increased bets on a Fed rate cut. The ongoing conflict in the Middle East and strong central bank demand also support gold's rise.
Gold prices extended their gains on Thursday, October 10th, as investors increased their bets on a potential interest rate cut by the Federal Reserve in November.
The rally was fueled by the latest U.S. economic data, which showed a slight increase in inflation but also a rise in weekly jobless claims. These figures suggest that the Fed may be on track to ease monetary policy.
Key Takeaways:
- Gold prices rose 0.6% on Thursday.
- Investors increased bets on a Fed rate cut in November.
- U.S. inflation rose slightly in September but remained below expectations.
- Weekly jobless claims rose to 258,000.
- Central bank demand and geopolitical events continue to support gold prices.
- Silver, platinum, and palladium also saw gains.
The ongoing conflict in the Middle East and strong demand from central banks are additional factors driving up gold prices. As investors anticipate a more accommodative monetary policy from the Fed, gold's appeal as a safe-haven asset is likely to increase.
Looking Ahead
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