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Indonesia News Portal for Traders | Financial & Business Updates

13 November 2024 17:02  |

Gold rose above $2,600 per ounce on Wednesday

Gold rose above $2,600 per ounce on Wednesday, likely in a technical recovery after reaching a two-month low, while attention shifted to key US data for insight into the Federal Reserve’s monetary policy outlook. Key points include the consumer inflation report later in the day, followed by PPI data and weekly jobless claims on Thursday, and retail sales data on Friday.

Expectations have recently increased that the Fed may delay its easing cycle next year due to Trump’s fiscal strategies and inflationary policies. Traders now see a 60% chance of another rate cut in December, down from around 80% before last week’s election. Meanwhile, the World Gold Council reports that global gold ETFs shed around US$809 million (12t) in early November, driven by North American outflows and partially offset by Asian inflows.(Cay)

Source: Trading economi

 

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