#Gold (#XAUUSD) Climbs as Dollar Weakens (22 Feb 2024)

Posted by Clara Mellor on 23:13 with No comments

Gold rose toward $2,030 an ounce on Thursday, extending gains for the sixth straight session as the dollar weakened on growing uncertainties about the US interest rate outlook.

The latest Federal Reserve policy meeting minutes showed that officials expressed caution about cutting interest rates too quickly, possibly delaying the start of the easing cycle.

Traders have mostly given up on bets for any Fed rate reduction in March and May but continue to wager that the first will happen in June, with the odds for a 25 basis point cut standing around 53%. Investors now look ahead to flash PMI reports on Thursday that could provide an update on the US private sector’s performance this month.

Gold also benefited from increased safe-haven demand amid rising geopolitical tensions in the Middle East.

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