Gold rose above $2,040 an ounce on Tuesday, Gold rose above $2,040 an ounce on Tuesday, rising for the fourth consecutive session and approaching a record close of 2050.5 hit in May as the US dollar retreated after speeches by Fed officials reinforced bets that the Federal Reserve is done raising interest rates and could start cutting rates next year. Markets are currently pricing in a 50% chance that the US central bank could begin cutting rates in May 2024, after Fed Governor Waller said that he is increasingly confident that monetary policy is in the right spot for getting inflation back to target range. Investors now look ahead to US PCE prices, the Fed-preferred inflation gauge, as well as personal income and spending data and the ISM Manufacturing PMI for further guidance. Additionally, focus is on the upcoming release of the revised US third-quarter GDP figures scheduled for Wednesday.
