Gold prices fell during the North American session as traders seeking safety bought the greenback as US Treasury yields rose to their highest level since November 2023. At the time of writing, XAU/USD was trading at $2,657 after failing to break through $2,700, down 1.20%.
A thin economic data on Monday left investors digesting the latest US Nonfarm Payrolls figures for December. While the economy performed better than expected, with the figure rising by 256K beating estimates of 160K and 212K in November, traders are eyeing the release of US inflation data.
On Wednesday, the Consumer Price Index (CPI) for December will be released, with the reading expected to come in at around 2.8% YoY, up from 2.7% in November. Core CPI, which excludes volatile items, is projected to remain unchanged at 3.3% YoY, unchanged from the last three months.
The inflation data could change traders' expectations for Fed easing. Meanwhile, money market futures data has shown that most investors expect only a 25 basis point cut, leaving the Fed funds interbank rate at 4.00%, down from the current range of 4.25%-4.50%.(AL)
Source: Fxstreet
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