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Gold prices climbed to $2,778 per ounce as the dollar weakened, with traders closely watching upcoming US GDP data for further economic signals.
The rise comes after Federal Reserve Chair Powell indicated a pause in rate cuts, leading markets to reduce expectations to just 50 basis points of cuts this year.
The precious metal’s movement reflects broader market uncertainty, particularly given potential Trump policies on tariffs and taxes that could impact inflation.
Traders are now focused on forthcoming fourth-quarter GDP data for additional insights into the US economic trajectory, while other precious metals including silver, platinum, and palladium also showed gains in London trading.
