Daily digest market movers: Gold price drops beneath key support at $2,400
- Gold traders eye the release of crucial economic data, like Durable Goods Orders, the release of the preliminary Q2 GDP number, and the Core PCE for June.
- Durable Goods Orders are expected to increase from 0.1% to 0.4% MoM
- The Gross Domestic Product for Q2 is foreseen to edge higher from Q1 2024, 1.4% to 1.9% QoQ, hinting the economy is accelerating as the year progresses.
- The Fed’s preferred measure for inflation, the Core PCE is expected to dip from 2.6% to 2.5% YoY.
- The latest Consumer Price Index (CPI) data revealed a continuation of the disinflation process in the United States (US), boosting Gold prices and increasing the likelihood that the Fed will cut interest rates beginning in September.
- December 2024 fed funds rate futures contract implies that the Fed will ease policy by 48 basis points (bps) toward the end of the year, down from 50 last Friday.
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