With the US dollar weakening and expectations of interest rate cuts persisting, gold recovers the $4,000 mark.
Jinse Finance reported that gold prices recovered some lost ground on Tuesday, climbing back above $4,000 per ounce, as a weaker US dollar and expectations of further rate cuts by the Federal Reserve outweighed the pressure from signs of easing international trade tensions. In early trading, spot gold reached as high as around $4,019 per ounce, after having fallen more than 3% on Monday to its lowest level since October 10. Tim Waterer, Chief Market Analyst at KCM Trade, stated: "Buyers who have been waiting on the sidelines for gold are now tempted to enter the market at these price levels. In addition, we are seeing a weaker dollar, which is giving gold prices some breathing room." (Golden Ten Data)
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