Goldman says 'shine is returning' for gold as investors ramp up bets on rate cuts
Ingots of 99.99 percent pure gold are placed in a workroom at Novosibirsk Refining Plant, Russia on September 15, 2023.
Gold prices on Monday rose to a more than six-month high as the U.S. dollar weakened and investors firmed up bets that the Federal Reserve is done with interest rate hikes.
Spot gold was up 0.52% at $2,012.39 per ounce at 1:47 p.m. London time, but reached a May 16 high of $2,017.82 earlier in the day, Reuters reported. Gold futures for December hit $2,018.9, the highest level since Oct. 27, according to CNBC calculations.
The dollar index , a measurement of the greenback against major currencies, was 0.13% lower as markets price in a more than 90% chance the Fed will hold rates at its next two meetings.
CME's FedWatch Tool shows a 25% probability of a cut as soon as March.
A weaker dollar and lower interest rates are often flagged by market-watchers as boosting gold prices.
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