Federal Reserve's December interest rate cut expectation drives gold prices higher

The recently released personal consumption expenditure data from the United States is in line with expectations, and the market is optimistic about the prospect of the Federal Reserve cutting interest rates in December. Gold prices rose slightly in the Asian morning session. ANZ research analysts stated in a research report that the overall market performance was sluggish overnight during the US Thanksgiving holiday, and the commodity market currently expects a 70% chance of a 25 basis point rate cut in December, up from 56% a week ago. Meanwhile, analysts say that geopolitical tensions in Europe have also boosted demand for safe haven assets following Russia's missile attack on Ukraine.