Gold prices continued their upward trajectory in Asian trading on Wednesday, bolstered by prospects of additional U.S. interest rate cuts. Spot gold rose 0.3% to approximately $1,950 per ounce, while December gold futures approached $1,970 per ounce.
Lower interest rates, which decrease the opportunity cost of holding non-yielding assets like gold, have been a key factor in supporting its recent rally.

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The Federal Reserve’s recent rate cut and the prospect of further reductions sent the dollar to a multi-month low, providing broader support for metal prices, as can also be seen here in an article from Fox Business. Analysts predict more rate cuts in the coming months, with some expecting the Fed to lower rates by a total of 50 basis points in the near term.

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Traders are closely monitoring this week's Federal Reserve speeches, including an address by Chair Jerome Powell, for hints on the direction of U.S. monetary policy. Additionally, the Personal Consumption Expenditures (PCE) Price Index, due for release on Friday, will be pivotal in assessing inflation and its impact on future rate decisions.
Precious Metals Mixed Amid Geopolitical Tensions
The weaker dollar has made precious metals more attractive to investors, with gold also seeing safe-haven demand due to rising geopolitical tensions in the Middle East. Supported by an article from T & K Futures and Options Inc., platinum futures remained relatively flat, dipping 0.1% to around $900 per ounce, while silver futures fell 0.5% to approximately $23 per ounce.
Copper Fluctuates After China Stimulus Boost

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Copper prices saw mixed movements, LME Copper reported that benchmark copper futures on the London Metal Exchange increased by 0.3% to around $8,500 per ton, while one-month futures slipped 0.2% to $3.80 per pound.
Copper initially rallied earlier this week after China announced new monetary stimulus measures aimed at bolstering economic growth. However, analysts suggest that additional fiscal measures may be necessary to support a sustained recovery in the world's largest copper consumer.


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