Foreign Currency

Gold near 5-week low as rate-cut optimism tapers

Gold bars arranged at the Korea Gold Exchange store in Seoul, South Korea, on Friday, Oct. 13, 2023. 

SeongJoon Cho | Bloomberg | Getty Images

Gold prices hovered near five-week lows on Thursday, as hawkish remarks from Federal Reserve officials and robust data dampened investors’ expectation for deeper and early interest rate cuts in U.S. this year.

Spot gold edged 0.1% higher to $2,008.59 per ounce by 0347 GMT, a day after it fell to $2,001.72 — its lowest since Dec. 13.

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