WASHINGTON (dpa-AFX) - Gold prices extended gains on Thursday while an end to the longest-ever federal shutdown in the U.S. renewed concerns over the actual state of the economy. The persisting state of uncertainty as markets brace for key economic data releases that hold sway over the Fed's monetary policy trajectory supported sentiment for the safe haven asset.
The uncertainty about the economy reflected in the CME FedWatch tool that tracks the expectations of interest rate traders. According to the tool, the likelihood of a quarter percentage rate cut by the Federal Reserve on December 10 has fallen to 51.9 percent from 62.9 percent a day ago and 69.6 percent a week ago.
Gold Futures for December settlement gained 0.5 percent overnight to trade at $4,233.14, versus the previous close of $4,213.60. The day's trading range has been between $4,183.7 and $4,244.95 as compared with the 52-week trading that ranged between $2,541.50 and $4,398.00.
With today's addition, weekly gains stand at 6.1 percent and monthly gains add up to 1.7 percent. Amidst year-to-date gains of more than 60 percent, the price surge over the 3-year horizon is now around 138 percent.
Spot Gold rallied 0.85 percent overnight to trade at $4,231.26 per troy ounce. The day's trading range has been between $4,180.17 and $4,240.06. Spot Gold had ranged between $2,536.91 and $4,381.60 over the past 52 weeks.
At current prices, Gold Futures has gained more than 60 percent and Spot Gold has gained more than 61 percent over the past year.
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