Gold prices dropped due to mixed economic data and hopes of a Middle East ceasefire

From Investing.com: 2024-12-13 03:06:00

Gold prices dropped due to mixed economic data, falling from $2,720 to $2,680. US figures showed a 0.4% increase in November, raising concerns of persistent inflation exceeding 2%. Initial jobless claims surged, hinting at a weakening labor market. Markets anticipate a 25-basis-point increase by the Fed next week, with uncertainty about future cuts. Potential easing of tensions in the Middle East between Hamas and Israel also weighed on gold prices. XAU/USD traded sideways. Euro fell by 0.26% against the dollar after a stronger-than-expected US inflation report. The ECB implemented a 25-bps rate cut. EUR/USD was slightly falling. Bitcoin retreated, but news of Brian Quintenz potentially leading the CFTC and Vancouver’s plan to integrate Bitcoin into its financial system may support the asset. BTC/USD traded sideways.



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