Gold Rate in Pakistan Today November 28, 2024
Gold prices fell on Thursday as the U.S. dollar strengthened, prompting investors to reassess economic data that reflected slow progress in curbing inflation.
Spot gold fell 0.3 percent to $2,627.60 an ounce, while U.S. gold futures fell 0.5 percent to $2,627.00. The dollar index rose 0.1 percent, making gold more expensive for investors holding other currencies and reducing its appeal.
Investors are focused on the Federal Reserve’s next moves. According to Calvin Wong, senior market analyst at OANDA, recent core personal consumption expenditure (PCE) data points to a slowdown in inflation, suggesting the Fed may take a less aggressive approach to interest rate cuts in 2025. is The Fed’s challenge of achieving its 2% inflation target, along with potential tariff threats under the incoming Trump administration, could limit its ability to cut rates further.
CME Group’s FedWatch tool currently has a 64.7% chance of a 0.25% rate cut in December. However, geopolitical risks are also in focus. Mexican President Claudia Sheinbaum has warned of economic retaliation if former President Donald Trump imposes a proposed 25 percent tariff, warning that such a move could cost U.S. jobs and consumers. Prices may be higher for
Gold is seen as a safe haven during times of economic and geopolitical uncertainty, including potential trade wars.
Trading volume is expected to remain light due to the US Thanksgiving holiday, which could add further short-term pressure to gold prices over the next few days to two weeks. However, the long-term outlook for gold remains positive, Wong added.
Among other precious metals, spot silver was down 1 percent at $29.78 an ounce, platinum was down 0.1 percent at $928.05, while palladium was steady at $972.75. SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, reported a 0.10% drop in its holdings, now at 878.55 metric tons as of Wednesday.
