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Market News International gold prices are expected to fall to US$1766
International gold prices are expected to fall to US$1766
On December 10, international gold prices rose slightly, but they may have recorded weekly declines for the fourth consecutive week. Investors stayed on the sidelines before the release of key US inflation data. The data may affect the Fed's next policy actions. The market outlook for gold prices is expected to fall to $1766.
2021-12-10
9860
On Friday (December 10), international gold prices rose slightly, but they may have recorded weekly declines for the fourth consecutive week. Investors stayed on the sidelines before the release of key US inflation data. The data may affect the Fed's next policy actions. The market outlook for gold prices is expected to fall to $1766.
GMT+8 13:49, spot gold rose by 0.16% to 1,778.07 US dollars per ounce; the main COMEX gold contract rose 0.09% to 1,788.3 US dollars per ounce; the dollar index fell 0.03% to 96.181.
The price of gold has fallen by nearly 0.3% so far this week. Investors worry that rising inflation and labor market tightening may prompt the Fed to accelerate its pace of reducing asset purchases. The number of initial claims for unemployment benefits in the United States fell to the lowest level in more than 52 years. With a severe shortage of workers, labor market conditions continued to tighten.
The closely watched US inflation data for November will be released at 21:30 GMT+8 on Friday. According to the survey, the annual rate of CPI in the United States in November is expected to increase by 6.8% year-on-year, and the annual rate of core CPI is expected to increase by 4.9% year-on-year, continuing to write a new high for more than three decades. The data may affect the Fed's policy decision at its December 14-15 meeting.
The source said that the European Central Bank policy makers are studying the temporary increase in conventional bond purchases. When a larger-scale plan to fight the epidemic ends in March, it will still significantly reduce overall bond purchases.
On the daily chart, the price of gold is running in the downward (C) wave that started from $1,793, and the support below is looking at the 23.6% target at $1766. The (C) wave is a sub-wave of the downward ((Z)) wave that started at $1877. The ((Z)) wave is part of the adjusted IV wave that started at $2075.
GMT+8 13:49, spot gold rose by 0.16% to 1,778.07 US dollars per ounce; the main COMEX gold contract rose 0.09% to 1,788.3 US dollars per ounce; the dollar index fell 0.03% to 96.181.
The price of gold has fallen by nearly 0.3% so far this week. Investors worry that rising inflation and labor market tightening may prompt the Fed to accelerate its pace of reducing asset purchases. The number of initial claims for unemployment benefits in the United States fell to the lowest level in more than 52 years. With a severe shortage of workers, labor market conditions continued to tighten.
The closely watched US inflation data for November will be released at 21:30 GMT+8 on Friday. According to the survey, the annual rate of CPI in the United States in November is expected to increase by 6.8% year-on-year, and the annual rate of core CPI is expected to increase by 4.9% year-on-year, continuing to write a new high for more than three decades. The data may affect the Fed's policy decision at its December 14-15 meeting.
The source said that the European Central Bank policy makers are studying the temporary increase in conventional bond purchases. When a larger-scale plan to fight the epidemic ends in March, it will still significantly reduce overall bond purchases.
On the daily chart, the price of gold is running in the downward (C) wave that started from $1,793, and the support below is looking at the 23.6% target at $1766. The (C) wave is a sub-wave of the downward ((Z)) wave that started at $1877. The ((Z)) wave is part of the adjusted IV wave that started at $2075.
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