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Gold price has risen to a near three-week high around Rs 62500 amid expectations that the Federal Reserve would decrease interest rates soon. US bond rates and the USD are near multi-month lows, providing extra support. The CME Group’s FedWatch Tool predicts a higher probability of a Fed rate cut by March 2024 and 150 basis points of cumulative cuts by the end of 2024. As volumes are thin, due to the holiday season, this is the best opportunity to buy Gold as prices are expected to continue the bull run in 2024.
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