The fall of the US dollar supports a moderate rebound in gold prices. Thanksgiving is coming, and bulls and bears may temporarily "pull back" In early Asian trading on Thursday, November 28, spot gold fluctuated within a narrow range and was currently trading around $2,636.88 per ounce. Gold prices rose slightly on Wednesday, rebounding from more than a week low hit in the previous session as the dollar weakened. Gold prices hit an intraday high of around $2,658 on Wednesday, but after data showed that inflation progress was stalling, suggesting that the Federal Reserve may be cautious about further cutting interest rates. , the price of gold narrowed its gains and closed at $2,635.80 per ounce. The U.S. market will be closed on Thursday for the Thanksgiving holiday. According to the experience of the past few years, gold prices will tend to fluctuate within a narrow range this trading day. U.S. consumer spending grew solidly in October, but progress in lowering inflation over the past few months appears to have stalled. We believe that the small pullback in gold prices we just saw in response to the data was primarily driven by rising personal incomes. If consumers are stronger, showing resilience even in the face of higher inflation, the Fed may be less willing to aggressively continue cutting interest rates. The dollar index fell 0.8% on Wednesday to hit its lowest in two weeks, boosting gold's appeal to holders of other currencies. Gold could hit $3,000 in the first two quarters of 2025, unless a surge in inflation forces the Fed to raise interest rates, which could dampen the bull market. Currently, the market believes that the probability of the Federal Reserve cutting interest rates by 25 basis points in December is 70%. In a low interest rate environment, non-yielding gold tends to be favored. Gold prices climbed 1% ahead of the release of personal consumption expenditures (PCE) price index data. Gold prices tumbled $100 on Monday.