Gold price drifts lower amid a fresh leg up in the US bond yields and reviving USD demand
- The US Bureau of Economic Analysis (BEA) reported on Wednesday that the Personal Consumption Expenditures (PCE) Price Index rose to 2.3% on a yearly basis in October from 2.1% in the previous month.
- Additional details of the report revealed that the core PCE Price Index, which excludes volatile food and energy prices, rose 0.3% on a monthly basis and edged higher from 2.7% in September to 2.8% last month.
- Separately, data published by the US Commerce Department showed that the world's largest economy expanded at a healthy 2.8% annual pace in the third quarter on strong consumer spending, which rose by 3.5%.
- Meanwhile, the Labor Department said that the number of Americans filing new applications for unemployment-related benefits fell by 2,000, to a seasonally adjusted 213,000 during the week ended November 23.
- This helps offset a slight disappointment from the US Durable Goods Orders, which rose 0.2% in October against an increase of 0.5% expected. Excluding transportation, orders increased by 0.1%, missing estimates.
- This comes on top of worries that US President-elect Donald Trump's policies will boost inflation and FOMC minutes, showing that the Committee could pause its easing of the policy rate if inflation remained elevated.
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