MNI: PBOC Net Injects CNY25.7 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Higher At 7.1897 Thurs; -2.25% Y/Y

MNI: PBOC Net Drains CNY195.3 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Lower At 7.1868 Weds; -2.18% Y/Y

MNI: JAPAN NOV SERVICES PPI +3.0% Y/Y; OCT UNREV +2.9%

MNI China Daily Summary: Tuesday, December 24

MNI: US REDBOOK: DEC STORE SALES +5.0% V YR AGO MO

MNI: US DEC PHILADELPHIA FED NONMFG INDEX -6

EZ/UK Bond Supply Calendar: BOE APF Sales Due 6 January

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

GOLD: A New All-Time High Despite Higher US Yields

GOLD
Metals bulletBulletMarketsFixed Income BulletsForeign Exchange BulletsCommodities

Gold is steady in today’s Asia-Pac session, after closing at a new all-time high of 2787.61, 0.5% higher, on Wednesday.

  • Gold climbed to a record, boosted by haven demand and shrugging off data that could influence the size of Fed rate cuts this year. Lower rates are typically positive for gold, which doesn’t pay interest.
  • US Treasury yields finished with a bear-flattener following stronger-than-expected ADP jobs data. The ADP jobs gain for October was 233k (cons 111k), its strongest monthly print since Jul’23. The data also came with an upward revision to the prior, 159k versus 143k.
  • The US economy expanded at a 2.8% annual rate in the September quarter, underpinned by strong consumer spending, which grew by 3.7% and is the fastest pace in over a year. The core PCE deflator increased 2.2% in Q3, marginally above expectations, but still representing a significant slowing from the 3.3% average in the first half of 2024.
  • Meanwhile, US pending home sales printed stronger than expected with the best single monthly increase since June 2020.
  • Focus now turns to today’s weekly claims, personal income/spending and MNI’s Chicago PMI data, not to mention Friday's October employment data and next Tuesday's Presidential Election.
194 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

Gold is steady in today’s Asia-Pac session, after closing at a new all-time high of 2787.61, 0.5% higher, on Wednesday.

  • Gold climbed to a record, boosted by haven demand and shrugging off data that could influence the size of Fed rate cuts this year. Lower rates are typically positive for gold, which doesn’t pay interest.
  • US Treasury yields finished with a bear-flattener following stronger-than-expected ADP jobs data. The ADP jobs gain for October was 233k (cons 111k), its strongest monthly print since Jul’23. The data also came with an upward revision to the prior, 159k versus 143k.
  • The US economy expanded at a 2.8% annual rate in the September quarter, underpinned by strong consumer spending, which grew by 3.7% and is the fastest pace in over a year. The core PCE deflator increased 2.2% in Q3, marginally above expectations, but still representing a significant slowing from the 3.3% average in the first half of 2024.
  • Meanwhile, US pending home sales printed stronger than expected with the best single monthly increase since June 2020.
  • Focus now turns to today’s weekly claims, personal income/spending and MNI’s Chicago PMI data, not to mention Friday's October employment data and next Tuesday's Presidential Election.