WASHINGTON (dpa-AFX) – Prices of the yellow metal rose on Wednesday amid lingering geopolitical concerns and expectations of another Fed interest rate cut in December.

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 for a quarter-point cut in December to 59 percent.

Both Spot Gold and Gold Futures added to Tuesday’s gains.

Gold futures for December settlement rose 0.62% overnight to trade at $2,647.20, from a previous close of $2,631.00.

The day’s trading range was $2,621.95 to $2,649.30 compared to the 52-week trading range of $1,979 to $2,801.80.

Gold futures have gained 2% over the past week, but are down 3.2% over the past month. However, at the start of the year, the yellow metal is up 27.4%. The price increase over the 3-year horizon is over 42 percent.

Spot Gold added 0.42% overnight to trade at $2,643.34 a troy ounce. The trading range for the day was between $2,618.97 and $2,645.77. Spot gold has ranged between $1,973.09 and $2,790.41 over the past 52 weeks.

At current prices, Gold Futures and Spot Gold have both gained more than 33% over the past year.

Copyright(c) 2024 RTTNews.com. All rights reserved

Copyright RTT News/dpa-AFX