2023-11-23 02:16:00
In early Asian trading today, the price of fell from $2,006 to $1,990 amid a strengthening U.S. dollar and rising Treasury yields. The U.S. dollar index, which measures the currency’s strength once morest a basket of other major currencies, rose to 103.88. Meanwhile, Treasury yields rose 4.40%. The market move comes as the University of Michigan Consumer Confidence Index rose to 61.3, setting the tone for market sentiment ahead of the Thanksgiving holiday.
The decline in the precious metal also follows recent findings from the Federal Open Market Committee (FOMC) meeting minutes released Tuesday. This account revealed a collective preference among policymakers for a prudent approach to monetary policy that takes into account current economic conditions and associated risks.
Gold investors are now awaiting the release of S&P’s global Purchasing Managers’ Index (PMI), which is expected to influence market trends. The manufacturing PMI is expected to come in at 49.8 and the services PMI at 50.3.
Other economic indicators likely to influence investor sentiment include the sharp decline in unemployment benefit claims to 209,000 and the decrease in permanent benefit claims to 1.84 million. Meanwhile, durable goods orders contracted 5.4% month-on-month in October, and inflation forecasts for next year rose slightly to 4.5%, according to University data of Michigan. These mixed signals reflect an economy grappling with inflationary pressures while showing signs of resilience in the labor market.
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