Gold prices stabilize as traders await new economic data

On December 23, Jin10 News reported that due to lower-than-expected US inflation data, market hopes for interest rate cuts next year have been reignited, and the price of gold has remained relatively stable. The US Personal Consumption Expenditures Price Index, which is the Fed’s preferred inflation indicator, rose 0.1% last month and 2.4% over the past 12 months, lower than analysts’ expectations. After the Fed hinted at a reduction in the number of interest rate cuts next year, pushing up the dollar and bond yields, gold futures saw weekly losses last Friday and are currently stable at $2644.30 per troy ounce. Traders are now awaiting the last batch of economic data this week, including the Consumer Confidence Index to be released later on Monday and the initial jobless claims to be released on Thursday.