Gold gains more than 1% and a close above $2070.75 would be the highest close ever
A notably larger drop in the U.S. PCE inflation, the preferred measure of inflation by the Fed, led to stronger market movements. Among the gainers is gold, along with a further decline in yields. The probability of a Fed rate cut in March has risen above 80%!
This provides the potential for the highest historical close in the gold market. Previously, gold closed highest on December 1st at a price of $2070.75 per ounce. Then on December 4th, there was a rally to nearly $2150, but ultimately gold closed below $2030. Gold has slightly pulled back below $2070 at the time of writing this analysis, but with the start of the session on Wall Street in the USA, an increase in volatility cannot be excluded.
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Source: xStation5
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