Gold Continues To Regain Ground Following Yesterday's Rebound

(RTTNews) - Gold prices moved moderately higher during trading on Thursday, continuing to regain ground following the rebound seen during the previous session.

After climbing $17.50 or 0.4 percent to $3,986.20 an ounce during Wednesday's session, gold for November delivery rose $15.10 or 0.4 percent to $4,001.30 an ounce.

With the continued increase on the day, the price of the precious metal climbed further off the more than two-week low set on Tuesday but remains well off its record highs.

The extended rebound by gold came amid some weakness among tech stocks on Wall Street, with Meta Platforms (META) and Microsoft (MSFT) under pressure amid concerns about their increased spending on AI.

Gold continued to regain ground even as remarks by Federal Reserve Chair Jerome Powell on Wednesday have led to some uncertainty about the outlook for interest rates.

While the Fed lowered interest rates by another quarter point as widely expected, Powell's post-meeting remarks partly offset optimism about another rate cut in December.

Powell said a further reduction in rates in December is "not a foregone conclusion," noting Fed officials had "strongly differing views about how to proceed" at the final meeting of the year.

CME Group's FedWatch Tool is currently indicating a 72.6 percent chance the Fed will lower rates by another quarter point in December, down from 91.1 percent a week ago.

Traders also seemed to shrug off some upbeat developments out of the meeting between U.S. President Donald Trump and his Chinese counterpart Xi Jinping.