Gold Inches Higher on Expectations for Fed Rate Cuts Next Year

Recent data showing easing inflation reinforces rate cut bets
Bullion is on course for first annual increase in three years

Gold bullions at the YLG Bullion International Co. headquarters in Bangkok, on Dec. 22. — Gold bullions at the YLG Bullion International Co. headquarters in Bangkok, on Dec. 22.
Photographer: Chalinee Thirasupa/Bloomberg

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By Yvonne Yue Li and Jeff Sutherland

December 26, 2023 at 6:35 AM UTC

Updated on

December 26, 2023 at 3:38 PM UTC

This article is for subscribers only.

Gold ticked higher as the final week of the year got under way, with traders looking ahead to interest rate cuts from the Federal Reserve in 2024 and a weaker US currency.

Bullion is trading near a record high, heading for its first annual increase in three years, as data showing US price pressures easing reinforces expectations for multiple rate cuts in 2024.