Daily digest market movers: Gold price traders eye next week US busy schedule
- Overall weakness on the US Dollar and elevated tensions in the Middle East kept Gold’s rally underway.
- Bullion prices had risen over 27% in 2024, the biggest annual rise since 2010.
- China and India's physical demand for Gold has overshadowed anemic inflows into Gold-backed Exchange-Traded Funds (ETFs).
- The Summary of Economic Projections indicates the Fed projects interest rates to end at 4.4% in 2024 and 3.4% in 2025.
- Inflation, as measured by the Core Personal Consumption Expenditures Price Index, is estimated to reach its 2% target by 2026, with forecasts of 2.6% in 2024 and 2.2% in 2025.
- US economy will likely grow at a 2% pace in 2024, with the Unemployment Rate rising to 4.4% by the end of the year.
- December 2024 fed funds rate futures contracting suggests that the Fed might lower rates by at least 53 basis points, implying that in the following two meetings this year the market expects one 50 bps and one 25 bps rate.
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