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GOLD: Gold Declines Post US Data.

GOLD
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  • Mixed data overnight was enough for gold traders to square positions as year end approaches.
  • Data overnight saw producer price inflation pick up by more than expected in November, at +0.4% MoM vs 0.3% prior, though core prices moderated as ex-food/energy registered 0.2% (from 0.3% prior} and initial jobless claims were higher than expected at 242k (sa, cons 220k)
  • Gold opened the day at US$2,680.84 only to trade down post the data release to an intra-day low of $2,675.29, to finish at $2,681.21
  • The futures market is exhibiting some unusual patterns as traders seek to hedge positions out to February, fearing gold may be caught up in the crossfire of Trump’s tariffs.
  • February future prices traded up to $60 an ounce above spot prices overnight, as estimates suggest tariffs if implemented on gold, could see prices fall by $300 an ounce. 
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  • Mixed data overnight was enough for gold traders to square positions as year end approaches.
  • Data overnight saw producer price inflation pick up by more than expected in November, at +0.4% MoM vs 0.3% prior, though core prices moderated as ex-food/energy registered 0.2% (from 0.3% prior} and initial jobless claims were higher than expected at 242k (sa, cons 220k)
  • Gold opened the day at US$2,680.84 only to trade down post the data release to an intra-day low of $2,675.29, to finish at $2,681.21
  • The futures market is exhibiting some unusual patterns as traders seek to hedge positions out to February, fearing gold may be caught up in the crossfire of Trump’s tariffs.
  • February future prices traded up to $60 an ounce above spot prices overnight, as estimates suggest tariffs if implemented on gold, could see prices fall by $300 an ounce.