Gold prices have decreased

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News Desk:

Gold prices in the international market fell slightly on Tuesday (2 December). After reaching a six-week high in the previous session, rising U.S. Treasury yields and profit-taking pressures weighed on the precious metal. Investors also remained cautious ahead of key U.S. economic data scheduled for release this week, which could influence the Federal Reserve’s interest rate policy.

On Tuesday, spot gold declined 0.3% to $4,218.71 per ounce. U.S. gold futures for December delivery also dropped 0.6% to $4,250.70. At the same time, the yield on the U.S. 10-year Treasury bond hovered near a two-week high, reducing some investor demand for non-yielding gold.

Tim Weithers, Chief Market Analyst at KCM Trading, said, “Gold is underperforming today, but the fundamental outlook remains unchanged. Expected future rate cuts by the Fed could be positive for gold.” He added that the market is cautious, as Federal Reserve Chair Jerome Powell is unlikely to make significantly dovish remarks. The core PCE price index—Fed’s preferred inflation gauge—due Friday is expected to remain moderate. In a statement at Stanford University on Monday, Powell did not comment on economic conditions or policy.

Key data to watch this week includes Wednesday’s November ADP employment report and Friday’s delayed September PCE data. According to CME’s FedWatch tool, market participants currently see an 88% probability of a rate cut in December.

SPDR Gold Trust reported that its gold holdings increased 0.44% on Monday to 1,050.01 metric tons.

Other precious metals also declined: silver fell 1.3% to $57.24 per ounce, platinum down 0.9% to $1,643.10, and palladium down 0.4% to $1,419.50 per ounce.

Domestic Market: On Monday (1 December), the new local gold prices were set as follows:

• 22-carat gold: BDT 212,145 per bhori (11.664 grams)

• 21-carat gold: BDT 202,499 per bhori

• 18-carat gold: BDT 173,572 per bhori

• Traditional gold: BDT 144,424 per bhori

Source: Reuters