The post Gold slips as US yields rise, poised for weekly gains appeared on BitcoinEthereumNews.com.

Gold declines but holds to weekly gains as mixed US economic data keeps rate cut expectations alive. Market braces for the Federal Reserve’s decision on December 18, with a 93% likelihood of a 25 bps cut anticipated. Upcoming US economic data and Fed Chair Powell’s commentary will be critical for future market direction. Gold price fell for the second consecutive day as high US Treasury bond yields weighed on the yellow metal. Traders await the Federal Reserve’s (Fed) interest rate cut next week. The XAU/USD trades at $2,657, down 0.80%. Despite posting losses, Bullion is up almost 1% in the week following a tranche of US economic data releases. US inflation data on the consumer and producer sides was mixed, but the latest Initial Jobless Claims report gave the green light to investors for pricing in the Fed’s December rate cut. Traders’ focus shifted to the Fed’s monetary policy meeting on December 17-18, with traders predicting a 93% chance of a 25 basis points (bps) rate cut via data from the Chicago Board of Trade (CBOT). Following the decision, investors will eye Fed Chair Jerome Powell’s press conference, looking for clues regarding the policy path for 2025. Second-tier data featured on Friday showed that US Import Prices rose marginally, while Export Prices dipped in November. The non-yielding metal extended its losses after US Secretary of State Antony Blinken said that he has seen encouraging signs that a Gaza ceasefire is possible. Next week, the US economic docket will feature the release of S&P Global Flash PMIs, Retail Sales, Industrial Production, the Federal Open Market Committee (FOMC) policy decision, and the release of the core Personal Consumption Expenditures (PCE) Price Index. Daily digest market movers: Gold price treads water amid US Treasury yields jump Gold prices plunged as US real yields…

---

Filed under: News - @ December 14, 2024 4:22 pm