The price of gold has once climbed to a three-week high, as the market bets on the earliest interest rate cut by the Federal Reserve in March next year

According to Jin10's report, the market is increasing its bets on the Federal Reserve starting to cut interest rates as early as March next year. The US dollar and bond yields have reached multi-month lows, and gold prices briefly climbed to a three-week high on Thursday.

Kyle Rodda, a financial market analyst at Capital.com, said that the decline in US bond yields and the US dollar indicates reduced risks in terms of interest rate fluctuations, providing additional momentum for gold to reach $2,100 per ounce. Rodda believes that in 2024, the trend of gold will depend on whether the market has priced in rate cuts too far ahead and whether the United States begins to experience recessionary conditions.