Gold consolidates gains, snaps highest close in 4 months

Gold consolidated its gains at settlement today, Nov. 27, thanks to the drop in US bond yields after the release of key economic data that buoyed expectations of the end of the Federal Reserve’s monetary tightening cycle.

Bullion for December delivery advanced 0.45%, or $9.40, to finish at $2,012.40 per ounce — the highest close since July 19, after touching $2,018.90 an ounce in early trading.

But, the US dollar index, which measures the performance of the US currency against a basket of six major currencies, steadied near its lowest level in over two months at 103.34 points at 09:34 pm Makkah time, albeit on track to hit the worst monthly performance since November 2022.

According to US Census Bureau data, new home sales fell by 5.6% from the downwardly revised September rate of 719,000 properties, recording an annual pace of 679,000 houses in October, against expectations for 724,000.