Harvest Global Markets :

Gold prices held steady near a seven-month high on Friday, taking a breather from their recent surge as investors awaited further guidance on U.S. interest rates from Federal Reserve Chair Jerome Powell later in the day.
A string of mixed purchasing managers index (PMI) readings from across Asia also kept demand for gold as a safe haven asset relatively strong, amidst growing concerns about an impending economic slowdown.
Gold prices had enjoyed a strong rally in November, as markets became increasingly confident that the Federal Reserve would cease raising interest rates and start lowering them in 2024. However, the precise timing of these potential rate cuts remained a major source of uncertainty for markets.
Spot gold rose 0.3% to $2,041.35 an ounce, while gold futures due in December gained 0.2% to $2,041.30 an ounce. Both instruments recorded substantial gains in November, with spot prices less than $40 away from an all-time high.
Powell is scheduled to deliver two speeches later on Friday. While the Fed Chair has largely maintained his stance that interest rates will remain elevated for an extended period, markets were eager to detect any shifts in his position following dovish signals from several Fed officials earlier this week.
These officials had acknowledged that U.S. inflation had eased considerably in recent months, and that further declines in inflation were likely to prompt the central bank to initiate interest rate cuts sooner rather than later.
Nevertheless, while U.S. inflation has moderated in recent months, it still remains significantly above the Fed’s 2% annual target. This was evident in the PCE price index data released on Thursday, which partly contributed to the dollar’s rebound.
Powell’s remarks will be the Fed Chair’s final public comments before a two-week blackout period preceding the mid-December Fed meeting. The central bank is widely expected to keep interest rates unchanged at this meeting.