Gold prices could hit $3,000 an ounce by the end of 2025, even if the value of the U.S. dollar continues to rise, Goldman Sachs has said. Increases in the value of America’s currency have typically driven down gold prices in reducing demand for the metal as a safe haven asset.

Tech stocks soared on Wednesday, boosted by the prospect of a rate cut at next week's Fed meeting. Tesla stock jumped 6% to an all-time high.

On a "core" basis, which strips out the more volatile costs of food and gas, prices in November are expected to have risen 3.3% over last year for the fourth consecutive month. Economists expect monthly core price increases to also match the prior month's reading of 0.3%, according to Bloomberg data.