Gold prices extended their gains on Thursday, October 10th, as investors increased their bets on a potential interest rate cut by the Federal Reserve in November.
The rally was fueled by the latest U.S. economic data, which showed a slight increase in inflation but also a rise in weekly jobless claims. These figures suggest that the Fed may be on track to ease monetary policy.
Key Takeaways:
- Gold prices rose 0.6% on Thursday.
- Investors increased bets on a Fed rate cut in November.
- U.S. inflation rose slightly in September but remained below expectations.
- Weekly jobless claims rose to 258,000.
- Central bank demand and geopolitical events continue to support gold prices.
- Silver, platinum, and palladium also saw gains.
The ongoing conflict in the Middle East and strong demand from central banks are additional factors driving up gold prices. As investors anticipate a more accommodative monetary policy from the Fed, gold's appeal as a safe-haven asset is likely to increase.
Looking Ahead
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