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- After posting its' second consecutive weekly drop last week, gold has rebounded. Strengthening expectations for an interest rate cut at the Federal Reserve’s meeting next week are boosting prices, after the last rate cut was overshadowed by the post-election churn. The Chinese central bank resuming gold purchases after a six-month pause has also caught investor attention.
Gold spot prices dropped 2.5% last month after rising 3.4% in October and gaining 5.2% in September. The rebound in gold this week should lift spot prices, but meeting resistance at the $2,675 – $2,685 per oz. level, it is unlikely that gold will see another breakout before the end of 2024. Gold is up 28% in 2024.
Above 80, climbing towards 85, the current gold-silver ratio shows how undervalued both metals currently are, particularly silver. Typically, the GSR responds to extreme highs by correcting downward, with silver outpacing gold as both gold and silver prices rise. Gold is anticipated to continue breaking records over the next couple of years. So, the slower holiday trading season makes now the perfect time to buy gold and silver at these price levels before markets pick back up in 2025.
Platinum currently sits around $950 an oz., while palladium rests just under $1,000. Like gold and silver, platinum and palladium saw a boost in September and October, followed by a pullback in November. Platinum is down 6.4% and palladium is down 13% in 2024.
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