Gold prices jump as dollar dips on rate cut bets, geopolitical tensions rise
Investing.com-- Gold prices rose in Asian trade on Friday, taking advantage of a weaker dollar as traders bet on a December interest rate cut, while increased geopolitical tensions also pushed up haven demand.
Moscow’s offensive came in response to Ukraine’s use of Western-made, long-range missiles against Russia, which the latter warned would mark a dire escalation in the conflict.In the Middle East, doubts emerged over a recent Israel-Hezbollah ceasefire after the two accused each other of violating the truce.Gains in gold were also furthered by a drop in the dollar, as markets maintained expectations that the Federal Reserve will still cut interest rates in December.
Bets on a December cut persisted even as recent data showed resilience in U.S. inflation, while Fed officials supported a gradual easing in rates.fell sharply this week, also giving up some gains made in the wake of Donald Trump’s election win earlier this month.
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