Gold Prices Decline For Third Consecutive Session Amid Fed And China Concerns
Gold Prices Decline For Third Consecutive Session Amid Fed And China Concerns . (MENAFN - The Rio Times) Gold prices fell for the third straight session on December 16, as market participants awaited the Federal Reserve's monetary policy decision scheduled for Wednesday.

The ...
América - MenaFN
(MENAFN- The Rio Times) Gold prices fell for the third straight session on December 16, as participants awaited the Reserve's monetary policy decision scheduled for Wednesday.



The decline also coincided with disappointing economic data from China, highlighting the challenges faced by the world's largest gold consumer in achieving a growth rebound.



The February gold contract closed down 0.21%, settling at $2,670.00 per troy ounce on the Comex division of the New York Mercantile Exchange.



China's economic outlook remains precarious, with economists from noting that further support may be necessary to stimulate growth.



Recent activity data revealed that Chinese retail sales rose by only 3% in November, a slowdown compared to the 4.8% increase recorded in October and significantly below the market consensus of 4.7%.







In the United States, while a reduction in interest rates appears likely during this week's Fed meeting, investors express concerns about the possibility of a pause in rate cuts come January.



Analysts from ANZ Research emphasize that ongoing geopolitical tensions are bolstering demand for safe-haven assets like gold. The medium-term outlook for gold is challenging, with price movements closely tied to monetary policy expectations and their effects on Treasury yields.



Quasar Elizundia from Pepperstone highlights that the Fed 's ability to manage inflation will be crucial in determining gold's future performance.



Looking ahead, ANZ predicts that gold could reach $2,900 per troy ounce next year, driven by strong investment flows, resilient physical demand, and significant purchases by central banks.

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2024-12-16
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(MENAFN - The Rio Times) Gold prices fell for the third straight session on December 16, as market participants awaited the Federal Reserve's monetary policy decision scheduled for Wednesday.

The ...
Gold Prices Decline For Third Consecutive Session Amid Fed And China Concerns