Gold price continues to attract haven flows amid concerns about Trump’s tariff plans and Russia-Ukraine war
- Russian President Vladimir Putin said Russia may use its new hypersonic missile to attack decision-making centres in Ukraine in response to the latter's firing of Western missiles at its territory.
- US President-elect Donald Trump earlier this week pledged to impose tariffs on all products coming into the US from Canada, Mexico and China, which, in turn, could trigger trade wars.
- The US Dollar struggles to capitalize on Thursday's modest gains as traders now see a 70% chance that the Federal Reserve will cut interest rates at the next policy meeting in December.
- Minutes from the November FOMC meeting released earlier this week revealed that committee members were divided over how much farther they may need to cut interest rates.
- The PCE data showed on Wednesday that the progress in lowering inflation in the US stalled in October. Investors also seem convinced that Trump's policies will boost inflation.
- This suggests that the Fed may proceed cautiously, fueling uncertainty over the outlook for interest rates in 2025 and limiting any further decline in the US Treasury bond yields.
- The benchmark 10-year US Treasury yield touched a two-week low on Wednesday on hopes that Trump's Treasury Secretary nominee, Scott Bessent, will want to control US deficits.
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