{"id":15998,"date":"2024-12-09T03:57:52","date_gmt":"2024-12-09T03:57:52","guid":{"rendered":"https:\/\/www.vtmarkets.com\/?p=15998"},"modified":"2024-12-09T03:57:52","modified_gmt":"2024-12-09T03:57:52","slug":"gold-on-the-move-ahead-of-u-s-inflation-data","status":"publish","type":"post","link":"https:\/\/www.global-vtrader.com\/en\/analysis\/gold-on-the-move-ahead-of-u-s-inflation-data\/","title":{"rendered":"Gold on the Move Ahead of U.S. Inflation Data"},"content":{"rendered":"\n<p><em>Listen to the article here:<\/em><\/p>\n\n\n\n<figure class=\"wp-block-audio\"><audio controls src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2024\/12\/15998.mp3\"><\/audio><\/figure>\n\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\">Key Points:<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Spot gold rose 0.1% to $2,631.60 per ounce, with futures holding steady at $2,658.10.<\/li>\n\n\n\n<li>Markets estimate an 85.1% probability of a 25-basis-point rate cut this month, supporting gold prices.<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-dots\" \/>\n\n\n\n<p>Gold prices rose on the back of the upcoming U.S. inflation data, which is expected to guide the Federal Reserve\u2019s rate policy.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Gold firms as investors await US inflation data for Fed clues <a href=\"https:\/\/t.co\/5rOeJZOdBz\">https:\/\/t.co\/5rOeJZOdBz<\/a> <a href=\"https:\/\/t.co\/SEYbZbjiak\">pic.twitter.com\/SEYbZbjiak<\/a><\/p>&mdash; Reuters (@Reuters) <a href=\"https:\/\/twitter.com\/Reuters\/status\/1865962127673954779?ref_src=twsrc%5Etfw\">December 9, 2024<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>Spot gold climbed to $2,631.60 per ounce in early trading, touching a session high of $2,647.99. Futures prices held firm at $2,658.10. The anticipation of lower interest rates this month is bolstering gold\u2019s appeal as a non-yielding asset.<\/p>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\">Technical Analysis<\/h2>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2024\/12\/image-5-1024x442.jpeg\" alt=\"\" class=\"wp-image-15999\" style=\"width:1450px;height:auto\" \/><\/figure>\n\n\n\n<p class=\"has-text-align-center\"><em>Picture: Gold shows bullish momentum testing key resistance at 2,646, with MACD supporting potential further gains, as seen on the <a href=\"https:\/\/vtmarketsapp.onelink.me\/CD7D\/240525WA\" title=\"\">VT Markets app<\/a>.<\/em><\/p>\n\n\n\n<p>The <strong>XAU\/USD<\/strong> chart shows a <strong>bullish bias<\/strong> with a significant <strong>upward spike<\/strong> and a <strong>MACD crossover<\/strong> confirming upward momentum.<\/p>\n\n\n\n<p>The price is testing the critical <strong>2,646 resistance<\/strong>, and any breakout above this level could lead to further gains. <strong>Moving averages<\/strong> suggest short-term bullishness, but a failure to breach 2646 could result in a pullback to <strong>2,613 support<\/strong>.<\/p>\n\n\n\n<p>The <a href=\"https:\/\/www.cmegroup.com\/markets\/interest-rates\/cme-fedwatch-tool.html\">CME Group\u2019s FedWatch Tool<\/a> revealed that markets currently assign an 85.1% chance of a 25-basis-point rate cut in December. This sentiment gained traction after last week\u2019s labour market data indicated resilience but signs of cooling.<\/p>\n\n\n\n<p>U.S. employers added <a href=\"https:\/\/www.bls.gov\/news.release\/empsit.nr0.htm\">227,000 jobs<\/a> in November, recovering from October\u2019s hurricane-induced slowdown. However, the unemployment rate inched higher to 4.2%, hinting at some underlying economic slack.<\/p>\n\n\n\n<p>The expected rate cut decreases the opportunity cost of holding gold, potentially driving further interest in the precious metal.<\/p>\n\n\n\n<p>With the inflation report due on Wednesday, market participants are looking for clues about the Fed&#8217;s next move, which could provide a clearer trajectory for gold prices.<\/p>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\">Around the World<\/h2>\n\n\n\n<p>Developments in global conflict also added complexity to market dynamics. Syrian rebels\u2019 takeover of Damascus marked a <a href=\"https:\/\/t.co\/5WlQT86OQx\">turning point<\/a> in the country\u2019s 13-year civil war, pushing President Bashar al-Assad to flee to Russia.<\/p>\n\n\n\n<p>Political upheaval in the region often enhances gold\u2019s safe-haven status, and traders are closely watching for any spillover effects that could elevate demand for the asset.<\/p>\n\n\n\n<p>In the broader market, silver held steady at $30.99 per ounce, platinum traded unchanged at $930.20, while palladium gained 0.6% to reach $962.10.<\/p>\n\n\n\n<p>Gold may test resistance levels near $2,650 if inflation data aligns with expectations of easing monetary policy. On the downside, support around $2,600 could remain firm in the short term.<\/p>\n\n\n\n<p>Palladium\u2019s continued rise indicates positive sentiment for industrial metals, potentially buoyed by easing recession fears.<\/p>\n\n\n\n<p><strong><a href=\"https:\/\/www.vtmarkets.com\/trade-now\/\">Create your live VT Markets account<\/a>\u00a0and\u00a0<a href=\"https:\/\/myaccount.vtmarkets.com\/login\">start trading<\/a>\u00a0now.<\/strong><a href=\"https:\/\/www.vtmarkets.com\/#facebook\" target=\"_blank\" rel=\"noreferrer noopener\"><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold edges higher to $2,631.60 as traders await U.S. inflation data; rate cut expectations and global conflict support prices. &#8211; vtmarkets.com <\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[27],"tags":[7],"class_list":["post-15998","post","type-post","status-publish","format-standard","hentry","category-analysis","tag-gold"],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/posts\/15998","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/comments?post=15998"}],"version-history":[{"count":0,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/posts\/15998\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/media?parent=15998"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/categories?post=15998"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/tags?post=15998"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}