Gold futures price surges above $2,020, weak dollar, falling bond yields support the market
InfoQuest – Gold futures prices rose above the 2,020 level, with positive factors from the weakening of the dollar. and the fall in US government bond yields.
At 8:52 p.m. Thai time, gold contracts on the COMEX (Commodity Exchange) market will be delivered in February. added $4.70 or 0.23% to $2,022.50/ounce.
A weaker dollar increases the attractiveness of gold. This makes gold contracts cheaper for holders of other currencies. As for the fall in US government bond yields It will help reduce the opportunity cost of holding gold. This is because gold is an asset that has no return in the form of interest.
The US Department of Commerce revealed that The Headline PCE price index, which includes food and energy categories, rose 2.6% year-on-year in December. In line with analysts’ forecasts from 2.6% in November.
On a monthly basis, the general PCE index rose 0.2% in December, in line with analysts’ expectations. After falling 0.1% in November.
As for the Core PCE Index (Core PCE), which does not include food and energy categories. And it is a measure of inflation that the Federal Reserve (Fed) gives importance to, rising 2.9% in December year-on-year. Lower than analysts’ expectations of 3.0% from 3.2% in November.
On a monthly basis, the core PCE index rose 0.2% in December, in line with analysts’ expectations, from 0.1% in November.
The PCE index is considered a measure of inflation that can detect changes in consumer behavior. and covers the prices of goods and services more broadly than the Consumer Price Index (CPI).
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2024-01-26 20:31:10
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