Investing.com– Gold prices steadied near a seven-month high on Friday, pausing their recent rally amid anticipation of more cues on U.S. interest rates from Federal Reserve Chair Jerome Powell later in the day.
A swathe of middling purchasing managers index (PMI) readings from across Asia also kept safe haven demand for the yellow metal largely elevated, amid growing concerns over a looming economic slowdown.
Gold was sitting on strong gains in November, as markets grew convinced that the Federal Reserve will raise interest rates no further, and will begin trimming rates in 2024. But the timing of the potential interest rate cuts remained a key point of uncertainty for markets.
Spot gold rose 0.3% to $2,041.35 an ounce, while gold futures expiring in December rose 0.2% to $2,041.30 an ounce by 00:57 ET (05:57 GMT). Both instruments clocked strong gains in November, with…
