Why gold remains vulnerable despite a sharp uptick on Friday
Spot gold, reeling under the huge downside pressure due to lack of China’s stimulus details, strong US data and the Fed’s hawkish shift in its monetary policy announced on Wednesday fell below $2600, though it recovered some of its losses in the last two trading days of the week.
The metal closed with a gain of 1.13% at $2624 on Friday. However, it was still down nearly 1% on the week. It traded in the range of $2583-$2693 in the week.
Weak-looking gold got a fresh lease of life as the US PCE Price Index data (November), the Fed's preferred inflation gauge, released Friday came in a tad lower than expected.
Data and roundup
US PCE m-o-m, PCE y-o-y, Core PCE m-o-m and Core PCE y-o-y were noted at 0.1% (forecast 0.2%), 2.4% (forecast 2.5%), 0.1% (forecast 0.2%) and 2.8% (forecast 2.9%) respectively. The real personal spending (November) at 0.3% matched the forecast and was higher than the prior data of 0.1%. University of Michigan one year and five-ten year inflation expectations at 2.8% and 3% also trailed their respective forecasts of 2.9% and 3.1%.
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