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by On Tuesday, gold rose above $2,060 an ounce. This continues the trend from last week. The rise is mainly due to a weaker dollar and lower bond yields. These factors are a result of easing US inflation. This suggests that the Federal Reserve may reduce interest rates next year.
Key data points include:
- The core PCE index, the Fed’s preferred inflation measure, fell to 3.2% in November. This is down from 3.4% in October and lower than the expected 3.3%.
- Figures from Thursday showed weaker-than-expected US economic growth in the third quarter.
- There was a slight rise in unemployment benefit claims in the most recent period.
Bank of Japan Governor Kazuo Ueda said on Monday that the chance of reaching the 2% inflation target is “gradually rising.” This raises hopes for potential policy normalization.
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