2023-12-12 18:45:39
Gold futures prices remain above $2,000. Dollar weakens, bond yields fall supporting the market.
InfoQuest – Gold futures prices surge above $2,000 today. The positive factor was the weakening of the dollar. and the fall in US government bond yields.
At 7:09 p.m. Thai time, gold contracts on the COMEX (Commodity Exchange) market will be delivered in February. added 9.90 or 0.5% to $2,003.60/ounce.
A weaker dollar increases the attractiveness of gold. This makes gold contracts cheaper for holders of other currencies. As for the fall in US government bond yields It will help reduce the opportunity cost of holding gold. This is because gold is an asset that has no return in the form of interest.
The US Department of Labor will release the Consumer Price Index (CPI), which measures inflation in consumer spending. November period tonight
The results of the survey of analysts expected that the Headline CPI Index, which includes food and energy categories, rose 3.1% in November year-on-year from 3.2% in October.
When compared monthly, it is expected that the general CPI index will be unchanged in November. or increased 0.0% following increasing 0.0% as well in October.
As for the Core CPI index (Core CPI), which does not include food and energy categories. It is expected to increase 4.0% in November year-on-year. After increasing 4.0% as well in October.
On a monthly basis, it is expected that the core CPI index rose 0.3% in November from 0.2% in October.
Investors put almost 100% of their weight in the forecast. The US Federal Reserve (Fed) will hold interest rates steady at this week’s meeting. and will reduce interest rates as soon as possible in the May 2024 meeting.
The latest CME Group’s FedWatch Tool indicates that investors give 98.4% of their weight in predicting that the Fed will maintain interest rates at 5.25-5.50% at its meeting on Dec. 12-13, 2023.
In addition, investors expect the Fed to maintain interest rates at 5.25-5.50% at the January 2024 and March 2024 meetings before cutting interest rates by 0.25% to 5.00-5.25% at the meetings. May 2024
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