Gold eased near $2,700 an ounce on Wednesday, taking a breather after a three-day rally as investors continued to digest the latest U.S. inflation data. The November report showed headline inflation rose as expected, while core inflation remained unchanged.
That prompted traders to increase bets on a Federal Reserve interest rate cut next week, with Fed fund futures indicating a 98% chance of a 25 bps cut.
Such moves typically benefit gold by reducing the opportunity cost of holding non-yielding assets. However, concerns about persistent inflation remain in the year ahead, as other key inflation measures remain elevated.
Gold is also getting support from additional easing measures by major central banks, including the BoC, with the ECB and SNB expected to continue their easing cycles.
Meanwhile, the PBoC resumed gold purchases after a six-month pause and pledged a more accommodative monetary policy next year.
Source: Trading Economics
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