Hespress Economy Image: Hespress Archive – AgenciesWednesday 24 January 2024 – 00:22
The price of gold rose on Tuesday, as investors awaited the release of a set of US economic data this week to clarify when the Federal Reserve might begin lowering interest rates.
The price of gold in spot transactions rose to $2,037 per ounce, then stabilized at the end of Tuesday at $2,029.
Investors are awaiting the US Purchasing Managers’ Index reading scheduled to be published today, Wednesday, as well as the fourth-quarter GDP estimates scheduled to be released tomorrow, Thursday, in addition to the personal consumption expenditures data expected on Friday.
The US Central Bank is scheduled to hold its next meeting on January 30 and 31.
US Central Bank officials said last week that the bank needs more inflation data before issuing any decision to reduce interest rates.
Lowering interest rates reduces the opportunity cost of holding non-yielding bullion.
US central bank interest rates gold inflation
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