Daily digest market movers: Gold retreats as buyers take a breather close to $2,500
- Weaker-than-expected US Consumer Price Index (CPI) data sponsored Gold’s leg-up above $2,400, as the odds for Fed rate cuts increased, as reflected by falling US Treasury bond yields.
- The US economic calendar featured Building Permits for June, which increased by 3.4% from 1.3999 million to 1.446 million. Further housing data showed that Housing Starts for the same period expanded by 3% from 1.314 million to 1.353 million.
- US Industrial Production in June decelerated from 0.9% in May to 0.6% month-over-month (MoM) yet exceeded estimates for a 0.3% increase.
- December 2024 fed funds rate futures contract implies that the Fed will ease policy by 52 basis points (bps) toward the end of the year, up from 50 last Friday.
- Bullion prices retreated slightly due to the People's Bank of China (PBoC) decision to halt gold purchases in June, as it did in May. By the end of June, China held 72.80 million troy ounces of the precious metal
- Weaker-than-expected US Consumer Price Index (CPI) data sponsored Gold’s leg-up above $2,400, as the odds for Fed rate cuts increased, as reflected by falling US Treasury bond yields.
- The US economic calendar featured Building Permits for June, which increased by 3.4% from 1.3999 million to 1.446 million. Further housing data showed that Housing Starts for the same period expanded by 3% from 1.314 million to 1.353 million.
- US Industrial Production in June decelerated from 0.9% in May to 0.6% month-over-month (MoM) yet exceeded estimates for a 0.3% increase.
- December 2024 fed funds rate futures contract implies that the Fed will ease policy by 52 basis points (bps) toward the end of the year, up from 50 last Friday.
- Bullion prices retreated slightly due to the People's Bank of China (PBoC) decision to halt gold purchases in June, as it did in May. By the end of June, China held 72.80 million troy ounces of the precious metal
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