Gold closed around $4,210 an ounce on Friday, near its highest level since late October, paring an earlier rally as a series of US data strengthened the case for an imminent Fed rate cut.
Delayed September PCE rose 0.3% month-on-month and 2.8% year-on-year, while core PCE fell to 2.8% from 2.9%, a combination of sticky goods prices and declining services inflation suggesting weaker underlying pressures. The Michigan preliminary survey improved slightly to 53.3 as one-year inflation expectations fell to 4.1% and the five-year outlook fell to 3.2%, reinforcing the view that near-term price pressures are easing.
These signals, combined with a surprise 32,000 decline in private payrolls from ADP and 71,321 job cuts announced by Challenger, prompted the market to price in about an 87% chance of a 25 bps rate cut, prompting position adjustments that lifted gold bullion prices. (alg)
Source: Trading Economics
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