Gold

Gold prices rose 0.1% to $2,648.43 an ounce, in anticipation of the U.S. Federal Reserve's rate decision. The central bank is likely to cut the rate by 25bps, which is already priced into the market, but possible hints of limited rate cuts in 2025 could support gold prices higher. Strengthening inflation and rising US retail sales suggest a pause in policy easing in January. Low rates create favorable conditions for gold.

Oil

Oil prices remain in a narrow range, with Brent up slightly to $73.31 and WTI to $70.19 per barrel, amid expectations of a US Federal Reserve rate cut. Investors are cautious given the uncertainty surrounding further rate decisions in 2025. New EU and UK sanctions against Russia's oil fleet have not yet led to significant changes in global trade. A 4.69 million barrel decline in US crude oil inventories supports the market, but rising gasoline and distillate inventories hold back the upswing.