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Gold rises in correction 2023/12/19 source: Print

CHICAGO, Dec. 18 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange rose on Monday in correction.

The most active gold contract for February delivery rose 4.80 U.S. dollars, or 0.24 percent, to close at 2,040.50 dollars per ounce.

Cleveland Federal Reserve Bank President Loretta Mester said in an interview with the Financial Times on Monday that financial markets had got "a little bit ahead" of the central bank on when to expect interest rate cuts.

"The next phase is not when to reduce rates. It's about how long do we need monetary policy to remain restrictive in order to be assured that inflation is on that sustainable and timely path back to 2 percent," Mester said.

Chicago Federal Reserve President Austan Goolsbee said in an interview with CNBC on Monday that the swift rise in financial market bets that the Federal Reserve will cut rates soon and quickly following comments by Fed Chair Jerome

Powell last week was at odds with how the rate-setting committee functions.

The National Association of Homebuilders/Wells Fargo Index reported Monday that its builder confidence in the market for newly built single-family homes rose three points to 37 in December.

Investors are awaiting the release the gross domestic product report due out on Thursday and the November core personal consumption expenditure (PCE) price index, the Federal Reserve's preferred measure of inflation gauge, due on Friday.

Silver for March delivery fell 4.70 cents, or 0.19 percent, to close at 24.107 dollars per ounce. Platinum for January delivery rose 1.70 dollars, or 0.18 percent, to close at 954.30 dollars per ounce. 


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