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Gold futures settled higher for a third straight day

Online Niel November 21, 2024

WASHINGTON (dpa-AFX) – Gold prices rose on Wednesday, rising for the third straight session, as the escalation of the war between Russia and Ukraine further pushed the appeal of the safe-haven commodity.

Expectations of an interest rate cut in December also helped boost gold prices.

Results from a Reuters poll showed 90 percent of economists polled by Reuters from Nov. 12-20 expected a rate cut of 25 basis points in December. The CME FedWatch tool, which tracks traders’ interest rate expectations, also shows expectations cut by a quarter point in December to 59%.

A stronger dollar limited gold’s upside. The dollar index rose to 106.92 shortly before midday and, despite easing to 106.70 later, was up nearly 0.5% from its previous close.

Gold futures for November settled up $21.10, or about 0.8%, at $2,648.20 an ounce.

November silver futures were down $0.252, or 0.81%, at $30.956 an ounce, while November copper futures were up $4.1470 a pound, gaining $0.0050, or 0.12%. .