23/12/2024 Daily Reports
U.S. stock futures climbed Monday after the S&P 500 logged its biggest gain since early November on Friday, sparking hopes for a year-end “Santa Claus rally.” Cooling inflation data, with PCE prices rising less than expected, added to the market’s optimism.
In political developments, President Biden signed a funding bill to avert a government shutdown, extending federal funding for three months. Meanwhile, Apple proposed a $1 billion investment in Indonesia to resolve an iPhone 16 sales ban, including plans to create 1,000 jobs with a new supplier plant on Batam island.
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Gold Climbs Amid Speculation on Fed Rate Cuts
Modest Gains: Gold traded near $2,632 an ounce, rising 0.4% in early London trading after a 1.1% increase on Friday.
Inflation Data: The core US PCE index, the Fed’s preferred inflation measure, came in below expectations, fueling hopes of further rate cuts in 2025.
Lower Rates Advantage: Gold benefits from lower interest rates, as it does not yield interest, making it more attractive in a low-rate environment.
2024 Performance: The metal has surged over 25% this year, driven by US monetary easing, safe-haven demand, and central bank buying.
Dollar Impact: Gold’s rally eased recently due to a stronger US dollar, which makes dollar-priced commodities more expensive for global buyers.
Other Metals: Platinum and silver gained over 1%, while palladium rose 0.7%. The Bloomberg Dollar Spot Index remained flat after a 0.6% weekly rise.
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