Business News Asia
The gold contract closed flat on Wednesday (Dec. 21), with the market correcting after a strong rally on Tuesday. Investors will be keeping an eye on Friday’s release of the U.S. personal consumption expenditures (PCE) index. The PCE index is a gauge of inflation, which is a priority for the Federal Reserve.
- Gold futures closed at $1,825.4 per ounce, unchanged from Tuesday, Dec. 20.
- Silver futures were down 7.7 cents, or 0.32%, at $24.194 an ounce.
- Platinum futures fell $11, or 1.09%, to close at $1,002 per ounce.
- Palladium futures fell $66.70, or 3.9%, to settle at $1,666.80 per ounce.
Gold contracts rallied early after it was reported that the U.S. consumer confidence index rose sharply in December. However, the gold contract then declined and closed almost at the same level. The Conference Board said its consumer confidence index rose to 108.3 in December, the highest level since April.
Investors are awaiting the release of the U.S. personal consumption expenditures (PCE) index on Friday. Analysts expect the PCE index to indicate that U.S. inflation has peaked. The overall PCE index, which includes food and energy, is expected to rise 5.5% year over year in November. This is slower than the 6.0% increase in October. The core PCE index, which excludes food and energy and is the Fed’s focus for inflation, is expected to continue to rise. It is expected to rise 4.7% in November from a year earlier. This would be a slowdown from 5.0% in October.
The Spot Market is Open
Thursday, December 22, 2022