Gold

Spot

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<p class="has-drop-cap">The core personal consumption expenditures (PCE) price index <a aria-label="climbed 3.2% (opens in a new tab)" href="https://www.cnbc.com/2023/12/22/pce-inflation-november-2023-.html" target="_blank" rel="noreferrer noopener nofollow" class="deco-link">climbed 3.2%</a> on an annual basis in November, lower than estimated. The headline PCE rate also fell last month, pushing gold and equity prices higher on Friday.</p> 
<h3 id="cpe-sees-first-monthly-decine-since-april-2022">CPE Sees First Monthly Decine Since April 2022</h3> 
<p>The core PCE price index, the Fed’s preferred inflation gauge that disregards food and energy prices, rose 3.2% year-over-year in November, marking a softer increase than the 3.3% expected by economists and down from the 3.5% in October. Month-on-month, this inflation measure rose 0.1%, in line with estimates.&nbsp;</p> 
<p>On a six-month basis, core PCE climbed 1.9%, suggesting that the Fed’s ‘higher for longer’ interest rate plan is successfully slowing inflation. As such, analysts believe the central bank is on track to bring it down toward the 2% target.</p> 
<blockquote class="wp-block-quote"> 
 <p>“Adding in the further sharp slowdown in rent inflation still in the pipeline, it’s hard to see any credible reason why the annual inflation rate won’t also return to the 2% target over the coming months.” </p> <cite>– wrote Andrew Hunter, deputy chief U.S. economist at Capital Economics.</cite>
</blockquote> 
<p>The headline PCE, which includes food and energy costs, fell 0.1% on the month and rose just 2.6% from a year ago. This print marks a sharp decline from the 7% peak in mid-2022. It was also the first monthly decline since April 2022.&nbsp;</p> 
<p>Most importantly, the latest PCE report marks the latest development, showing that the Fed no longer needs to raise interest rates. The <a href="https://tokenist.com/spx-spikes-1-4-as-fed-pivot-sparks-market-optimism/" rel="dofollow" class="deco-link">central bank said</a> at its meeting last week that it expects to implement rate reductions <a aria-label="totaling 0.75 percentage points in 2024 (opens in a new tab)" href="https://www.cnbc.com/2023/12/13/fed-interest-rate-decision-december-2023.html" target="_blank" rel="noreferrer noopener nofollow" class="deco-link">totaling 0.75 percentage points in 2024</a>. Markets believe the first cut may come as soon as March.&nbsp;</p> 
<p>The consumer price index (CPI) also <a href="https://tokenist.com/november-cpi-shows-a-slight-uptick-and-energy-price-decline/" rel="dofollow" class="deco-link">fell to 3.1%</a> in November amid <a href="https://tokenist.com/oil-prices-continue-to-fall-with-outlook-not-looking-good/" rel="dofollow" class="deco-link">waning energy prices</a>.</p> 
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<h3 id="spot-gold-rises-1-sets-sight-at-2-070">Spot Gold Rises 1%, Sets Sight at $2,070</h3> 
<p>Unsurprisingly, another better-than-expected inflation data report boded well for many highly-traded assets, including gold.</p> 
<p>Spot gold prices were up 1% at $2,066 at the time of writing, the highest point since December 4. As a result of this ascent, the bullion broke above the crucial resistance at $2,060 and is anticipated to continue its upward momentum towards $2,070 amid deepening expectations of a dovish pivot.</p> 
<p>US stocks also increased at the market open, with the S&amp;P 500 climbing over 0.3% to 4763. Bitcoin was down 1% at $43,431, while the 10-year Treasury bond yield fell to 3.87%.&nbsp;</p> <iframe src="https://tokenist.substack.com/embed" width="100%" height="320" style="border:1px solid #EEE; background:white;" frameborder="0" scrolling="no"></iframe> 
<p><em><strong>With increasing indications that inflationary pressures are easing, how do you think that gold will perform in 2024? Let us know in the comments below.&nbsp;</strong></em></p> 
<p>The post <a rel="nofollow" href="https://tokenist.com/gold-prices-up-1-after-us-pce-data-softer-than-expected/">Gold Prices Up 1% After US PCE Data Softer than Expected</a> appeared first on <a rel="nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Gold Prices Up 1% After US PCE Data Softer than Expected

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