Golden Gleam

Gold and silver prices are higher in midday U.S. trading Wednesday, with silver hitting another record high and closing in on $60.00 an ounce.

Gold prices rose to a six-week high on Monday, supported by growing expectations of U.S. interest rate cuts and a sliding dollar, while silver struck a record high ahead of key U.S. economic data.Spot gold was up 0.3% at $4,244.29 per ounce, as of 09:21 AM ET (1421 GMT), its highest since October 21. U.S. gold futures for February delivery gained 0.6% to $4,278.40.Silver was up 1.8% to $57.39 per ounce, after hitting an all-time high of $57.86 earlier.

Gold (XAUUSD) remains under pressure. The decline is driven by a sharp drop in expectations for a December Fed rate cut to 30%, internal division within the FOMC, and the delay in official statistics due to the shutdown.

Gold slipped on Friday and was heading for a weekly drop, as a stronger-than-expected US jobs report reinforced expectations that the Federal Reserve would refrain from cutting interest rates at its December meeting.

Gold prices fell in Asian trade on Monday, extending losses from the prior session as traders steadily pared back expectations that the Federal Reserve will cut interest rates next mon...

On Monday, gold advanced by more than 1% to 4,050 USD per ounce, reaching a fresh two-week high. The rally was fuelled by mounting concerns over the health of the US economy.

As the chart shows, XAU/USD climbed above the $4,000 mark today, a move likely driven by: → Weakness in the US dollar index...

Gold prices fell on Wednesday to a near two-week low, following their sharpest single-day drop in five years in the previous session, as investors booked profits ahead of key U.S. inflation data due this week.Spot gold was down 1.7% at $4,054.69 per ounce, as of 09:22 a.m. ET (1322 GMT), after rising to as much as $4,161.17 earlier in the session. U.S. gold futures for December delivery fell 0.9% to $4,072.10 per ounce.The U.S. dollar index (.DXY), rose 0.2% to a one-week high, making dollar-priced bullion more expensive.

Gold is over the support of $4,200, which creates good buyer interest and may push the price up to the middle range resistance near the level of $4,300.