Gold futures experienced a turbulent trading session on Monday, continuing to recover from a significant price drop that occurred last week. The precious metal has been moving within a narrow trading range following its substantial decline of $91 last Monday.
Currently trading at $2,661.90 per troy ounce, gold has shown remarkable volatility. After reaching an all-time high above $2,800, the metal experienced a dramatic pullback, dropping to $2,568.10—a decline of $255 or 9.03%. Despite this significant downturn, gold has partially recovered, rallying $174 from its lowest point.
The CME FedWatch Tool reveals interesting market sentiment, showing a 74.5% probability of a 25-basis-point rate cut at the upcoming meeting. This probability has increased from 52.3% a week earlier, though it has decreased from 83% a month ago. Simultaneously, expectations of unchanged rates have adjusted accordingly.
As the financial world anticipates a new President and the Federal Reserve's final meeting of the year, investors and analysts continue to parse through economic indicators and potential policy implications. The gold market remains a critical barometer of global economic sentiment, with its movements providing insights into broader financial trends.
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