WASHINGTON (dpa-AFX) - Prices of the yellow metal rose on Wednesday amidst lingering geopolitical concerns and expectations of another Fed rate cut in December.
Results of a Reuters poll revealed that 90 percent of economists who participated in the Nov. 12-20 Reuters poll expected a rate cut of 25 basis points in December. The CME FedWatch tool that tracks the expectations of interest rate traders also shows expectations of a quarter point cut in December at 59 percent.
Both Spot Gold and Gold Futures added to Tuesday's gains.
Gold Futures for December settlement has rallied 0.62 percent overnight to trade at $2,647.20, versus the previous close of $2,631.00.
The day's trading range has been between $2,621.95 and $2,649.30 as compared with the 52-week trading that ranged between $1,979 and $2,801.80.
Gold Futures has gained 2 percent in the past week but has slipped 3.2 percent over the past one month. On a year-to-date basis, however the yellow metal has rallied 27.4 percent. The price surge over the 3-year horizon is more than 42 percent.
Spot Gold added 0.42 percent overnight to trade at $2,643.34 per troy ounce. The day's trading range has been between $2,618.97 and $2,645.77. Spot Gold had ranged between $1,973.09 and $2,790.41 over the past 52 weeks.
At current prices, Gold Futures and Spot Gold have both gained more than 33 percent over the past year.
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