Gold Surges Above $2,050 Amid Positive U.S. Data
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Gold continues its upward trajectory at the beginning of the Asian session on Friday. The softer U.S. dollar and the optimistic U.S. GDP growth figures provide some support for the precious metal. Gold is trading near $2,055, marking a 0.53% increase for the day. Immediate delivery gold sets a stop-loss at $2,040/ounce.
The U.S. dollar initially found market support during the first half of the day, given Wall Street's subdued activity on Wednesday. However, the softer yields on U.S. Treasury bonds have curtailed the dollar's ascent. The greenback altered its course ahead of the U.S. trading session following mixed U.S. data. Initial jobless claims for the week ending on December 15 decreased to 205,000, surpassing the expected 215,000.
Furthermore, the U.S. third-quarter Gross Domestic Product (GDP) confirmed an annual growth rate of 4.9%, slightly below the preliminary estimate of 5.2%. This figure did not instill fear among investors, as Wall Street resumed its upward trend, and government bond yields reached new lows in weeks. Currently, the 10-year Treasury bond yields 3.87%, while the 2-year bond yields 4.34%.
Attention now shifts to the release of the U.S. Core Personal Consumption Expenditures (PCE) Index on Friday. The year-on-year index is predicted to be at 3.3% for November, a slight decrease from the previous month's 3.5%, indicating easing inflationary pressures. The country will also unveil durable goods data for November and the final estimate of the December Consumer Sentiment Index.
In summary, gold's bullish momentum persists, fueled by a weaker dollar and favorable U.S. economic indicators, while investors await the crucial U.S. PCE data for further market direction.
The U.S. dollar initially found market support during the first half of the day, given Wall Street's subdued activity on Wednesday. However, the softer yields on U.S. Treasury bonds have curtailed the dollar's ascent. The greenback altered its course ahead of the U.S. trading session following mixed U.S. data. Initial jobless claims for the week ending on December 15 decreased to 205,000, surpassing the expected 215,000.
Furthermore, the U.S. third-quarter Gross Domestic Product (GDP) confirmed an annual growth rate of 4.9%, slightly below the preliminary estimate of 5.2%. This figure did not instill fear among investors, as Wall Street resumed its upward trend, and government bond yields reached new lows in weeks. Currently, the 10-year Treasury bond yields 3.87%, while the 2-year bond yields 4.34%.
Attention now shifts to the release of the U.S. Core Personal Consumption Expenditures (PCE) Index on Friday. The year-on-year index is predicted to be at 3.3% for November, a slight decrease from the previous month's 3.5%, indicating easing inflationary pressures. The country will also unveil durable goods data for November and the final estimate of the December Consumer Sentiment Index.
In summary, gold's bullish momentum persists, fueled by a weaker dollar and favorable U.S. economic indicators, while investors await the crucial U.S. PCE data for further market direction.
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