Gold rises to $1,753 per ounce

13:00 | 29.11.2022
Gold rose on Tuesday morning, as the weaker dollar buoys the prices of the precious metal and the markets expect statistics on the US economy.

December futures for gold on the New York Comex rose $12.35, or 0.71%, to $1,752.65 a troy ounce. December silver futures rose 2.01% to $21.335 an ounce.

The dollar index - the exchange rate against a basket of currencies of six US trading partners - fell by 0.5% to 106.15 points. The depreciation of the dollar makes gold more affordable to buyers holding other currencies.

An important event of the week is the US GDP statistics, which will be published on Wednesday. Analysts believe that the estimate of the country's economic growth will be improved to 2.7% on an annualized basis (if GDP grew at the same pace for four consecutive quarters). The first estimate assumed growth of 2.6%. In the second quarter, US GDP fell by 0.6% year-on-year.

Statistics may give a hint about the future policy of the US Federal Reserve System (FRS). The regulator may once again raise the rate in December. According to the CME Group, 68% of experts predict a slowdown in the rate of increase - down to 50 basis points (4.25-4.5%) after four increases of 75 basis points. Gold is sensitive to signals from the Fed, which are reflected in the dollar.
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