The Federal Reserve's December interest rate cut is expected to drive gold prices higher

The recently released US personal consumption expenditure data was in line with expectations. The market is optimistic about the prospect of the Federal Reserve's interest rate cut in December. Gold prices rose slightly in early Asian trade. The overall market performed poorly overnight during the US Thanksgiving holiday, and the commodity market now expects a 70% chance of a 25 basis point interest rate cut in December, up from 56% a week ago, ANZ research analysts said in a research note. Meanwhile, geopolitical tensions in Europe have also boosted demand for safe-haven assets after the Russian missile attack on Ukraine, analysts said. (Golden Ten)