GOLD PRICES RETREAT AS STRONG DOLLAR PREVAILS AND ECONOMIC DATA
Economic Data Impacting the Market
On December 12, 2024, the U.S. Bureau of Labor Statistics released important economic data. The Producer Price Index (PPI) rose by 0.4% in November, higher than the expected 0.2%, and showed a 3.0% increase over the year, marking the largest gain since February 2023. Additionally, the core PPI, which excludes food and energy, went up by 0.2% for the month and 3.5% annually. Initial jobless claims for the week ending December 7 reached 242,000, significantly above the expected 220,000, indicating rising unemployment. These mixed signals highlight ongoing inflation pressures alongside a weakening job market.
Fed Rate Cut Expectations Shift
According to the CME FedWatch Tool, the probability of a rate cut by the Federal Reserve in December has decreased to 96.70% from 97.50% a day ago, signalling changing market expectations.
On December 12, 2024, the U.S. Bureau of Labor Statistics released important economic data. The Producer Price Index (PPI) rose by 0.4% in November, higher than the expected 0.2%, and showed a 3.0% increase over the year, marking the largest gain since February 2023. Additionally, the core PPI, which excludes food and energy, went up by 0.2% for the month and 3.5% annually. Initial jobless claims for the week ending December 7 reached 242,000, significantly above the expected 220,000, indicating rising unemployment. These mixed signals highlight ongoing inflation pressures alongside a weakening job market.
Fed Rate Cut Expectations Shift
According to the CME FedWatch Tool, the probability of a rate cut by the Federal Reserve in December has decreased to 96.70% from 97.50% a day ago, signalling changing market expectations.
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