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Gold rises on expectations that rate hikes may stop soon

23 Jan 2023

CHICAGO, Jan. 23 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange rose on Monday on market expectations that the Federal Reserve may soon stop raising rates.

The most active gold contract for February delivery rose 0.4 U.S. dollars, or 0.02 percent, to close at 1,928.6 dollars per ounce.

Gold remains at its highest level since April 2022. Market expectations are that though the Federal Reserve continues raising interest rates at a slowed pace, it may soon stop rate hikes as inflationary pressures continue to wane.

The Conference Board U.S. Leading Economic Index released Monday decreased by 1 percent to 110.5 in December, following a decline of 1.1 percent in November.

Silver for March delivery fell 38.1 cents, or 1.59 percent, to close at 23.554 dollars per ounce. Platinum for April delivery rose 8.5 dollars, or 0.81 percent, to close at 1,056.3 dollars per ounce.

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