The expectation of a rate cut by the Federal Reserve in December drives gold prices higher

ChainCatcher news, according to Jinshi reports, the recently released U.S. personal consumption expenditure data met expectations, and the market is optimistic about the prospect of the Federal Reserve cutting interest rates in December, with gold prices slightly rising in the Asian early session.

Analysts from ANZ Research stated in a research report that during the U.S. Thanksgiving holiday, the overall market performance was sluggish overnight, and the commodity market currently estimates a 70% probability of a 25 basis point rate cut in December, up from 56% a week ago.

Meanwhile, analysts noted that the geopolitical tensions in Europe have also boosted demand for safe-haven assets following the Russian missile strikes on Ukraine.