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Gold slides as DXY cleared 110.00 for the first time since November 2023. Traders trimmed Fed rate cut odds, after US jobs data, CPI eyed. XAU/USD sellers eye $2,650 and 100-day SMA near $2,630. Gold price retreats during the North American session as traders seeking safety bought the Greenback as United States (US) Treasury bond yields rose to their highest level since November 2023. At the time of writing, the XAU/USD trades at $2,657 after failing to clear $2,700, down 1.20%. A scarce economic docket on Monday keeps investors digesting the latest US Nonfarm Payrolls figures for December. Although the economy has fared better than expected, with figures rising by 256K exceeding forecasts of 160K and November’s 212K, traders are eyeing the release of US inflation data. On Wednesday, the Consumer Price Index (CPI) for December will be announced, with estimates at around 2.8% YoY, up from November 2.7%. The Core CPI, which excludes volatile items, is projected to remain unchanged at 3.3% YoY, unchanged from the latest three-months readings.  Inflation data could shifttraders expectations of Fed easing. Meanwhile, money market futures data has shown that most investors are expecting just 25 basis points of easing, leaving the fed funds interbank rate at 4.00%, down from the current 4.25% – 4.50% range. Federal Reserve – Interest rate probability. Source: Prime-Market Terminal Meanwhile, US Treasury bond yields cling to minimal gains, while the Greenback, after breaking the 110.00 mark, has retraced below the latter but it remains in the green. Bullion prices are also taking a hit amid good news of a possible deal that could end Gaza’s war, via Reuters, citing an official briefed on the matter. In seven days, US President-elect Donald Trump will be sworn as the 47th President. The financial markets are awaiting its first executive orders,…

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Filed under: News - @ January 14, 2025 12:19 am