Gold News – 13.Dec.2024
Gold News
Gold continued its decline on Friday, falling below $2,670, extending losses from the previous session as investors evaluated the latest economic data.
US factory gate prices in November rose more than expected, sparking concerns that inflation could stay above the Federal Reserve’s target into 2025.
Initial jobless claims surged unexpectedly to a two-month high, highlighting potential weakening in the labor market.
Markets still expect a 25bps rate hike by the Fed next week, with projections of rate cuts next year, though uncertainty surrounds their extent.
Dovish actions by other central banks, including rate cuts by the SNB (50bps), ECB (25bps), and BoC (50bps), alongside the BoJ’s decision to pause further hikes, had minimal impact on gold.
Gold remains on track for its first weekly gain in three weeks despite ongoing market fluctuations.
Author : Arman Shaban
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