Abstract:US CPI data falls short of expectations and US dollar index plummets Gold rebounded to a new week high
US CPI data falls short of expectations and US dollar index plummets
Gold rebounded to a new week high
On Tuesday (November 14th), the latest data released by the US Bureau of Labor Statistics on Tuesday morning showed that as of October, consumer goods prices remained unchanged from the previous month, with a year-on-year increase of 3.2%. This is the result of the decline in oil prices dragging down overall inflation. At the same time, “core” inflation, which excludes volatile factors such as food and energy, rose 4.0% year-on-year, slightly lower than the previous month's increase. According to Bloomberg data, economists had previously expected prices to rise 0.1% month on month and 3.3% year-on-year.
The spot gold rose sharply, boosted by the sharp decline of the US dollar and the rise of treasury bond. The release of US inflation data triggered a strong reaction in the market, boosting the stock market and pushing the US dollar to its lowest level in months. The price of precious metals continued to rise, with spot gold reaching a high of 1970.91 US dollars per ounce, pulling up 27 US dollars from its daily low; Spot silver rose by 3% within the day.
Gold prices have conquered $2010 and hit a six-month high, Oversupply expectations cover the oil market, Oil prices continue to be under pressure before the OPEC+meeting
On Friday (November 24th), gold prices broke through $2000 per ounce, and there were almost no trading leads during the US market holiday. The focus now is on upcoming business activity data to find more clues about the world's largest economy. Gold has risen for the second consecutive week, and the market is increasingly convinced that the Federal Reserve has completed its interest rate hike.
The US dollar weakened, while gold slightly rose during Thanksgiving OPEC+postpones meeting, oil prices continue to decline
Market trading is light before Thanksgiving holiday Initial application and other data support the rebound in US dollar and US bond yields