TechFlow, Nov 26 — Gold prices rose to nearly a two-week high on Wednesday, boosted by U.S. economic data that strengthened expectations for a December rate cut by the Federal Open Market Committee (FOMC) and weighed on the dollar, according to Jinshi Data. Spot gold climbed over 0.7% to $4,160.12 per ounce, the highest since November 14. "The current expectation is leaning more toward a December rate cut... dovish comments from Fed officials and solid economic data have reinforced this case, which supports gold from a yield perspective," said Tim Waterer, Chief Market Analyst at KCM Trade.
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