Daily digest market movers: Gold price is firm after FOMC Minutes
- Gold prices advanced as US Treasury bond yields slumped. The US 10-year Treasury note is down 1.5 basis points (bps) at 3.792%.
- Following the release of the last FOMC minutes, traders expect 102 basis points of easing, according to the Chicago Board of Trade (CBOT) December 2024 fed funds futures contract.
- US Initial Jobless Claims data for the week ending August 17 are expected to rise to 230K, up from 227K a week before.
- Business activity revealed by S&P Global is expected to show a slight decrease in the Services PMI from 55 to 54. The Manufacturing PMI is foreseen remaining unchanged at 49.6.
- Existing Home Sales are expected to grow from 3.89 million to 3.93 million
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