2023.12.2712:02:00UTC+00Gold Rally Unabated As Rate Cut Hopes Get Stronger

Gold prices continued to rally, bolstered by the better-than-expected PCE-based inflation readings from the U.S.

With inflation easing more than expected, markets expect the Fed to commence rate cuts earlier than expected, adding sparkle to the yellow metal's surge.

Meanwhile, safe have demand triggered by geopolitical tensions in the Middle East supported safe haven buying.

Gold Futures for February settlement rallied 0.35 percent to trade at $2,077.00. The day's trading range has been between $2,072.85 and $2,081.80. The 52-week trading range was between $1,804.20 and $2,152.30.

Spot Gold slipped 0.02 percent to trade at $2,067.49 per troy ounce. The day's trading range has been between $2,061.55 and $2,070.34. The 52-week trading range was between $1,796.56 and $2,135.72.