Gold price is pressured by rising US bond yields and a strong pickup in the USD demand
- The US Dollar staged a goodish recovery from its lowest level since November 12 touched last Friday amid a fresh leg up in the US Treasury bond yields and weighs on the Gold price at the start of a new week/month.
- Investors seem convinced that US President-elect Donald Trump's tariff plans could trigger the second wave of trade wars and push consumer prices higher, forcing the Federal Reserve to stop cutting rates.
- In a critical post over the weekend, Trump threatened a 100% tariff on BRICS nations – Brazil, Russia, India, China, and South Africa – if they replace the USD with another currency for international transactions.
- Ukrainian President Volodymyr Zelenskyy has stated that he is willing to give up occupied Ukrainian territory to Russia, albeit with some conditions, in order to reach a ceasefire agreement and achieve peace.
- Russian and Syrian jets have carried out a series of air strikes on Syrian rebels led by the jihadi group Hayat Tahrir al-Sham, who took over most of Aleppo in a shock offensive on Saturday and entered the city of Hama.
- China’s official Manufacturing Purchasing Managers' Index (PMI) edged up to 50.3 in November from 50.2, while the NBS Non-Manufacturing PMI eased to 50.0 during the reported month from October’s 50.2.
- China's Caixin Manufacturing Purchasing Managers' Index (PMI) jumped to 51.5 in November after recording 50.3 in October amid hopes that the government will introduce more stimulus to bolster domestic demand.
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