Market Analysis for Today

Gold climbed for the second straight day due to a plunge in United States (US) yields following data that hinted at fading core inflation. This suggests that the Federal Reserve (Fed) could ease policy due to the disinflation trend. The XAU/USD trades at $2,690.

The golden metal resumed its uptrend after the US Bureau of Labor Statistics (BLS) revealed that underlying consumer inflation dipped compared to estimates and the previous months reading. The data sent US yields tumbling, as there is an increasing chance that the Fed will not exclude interest rate cuts following the December meeting.

Gold opened at around 2679and rose to around 2679at the highest and around 2672 at the lowest before press time.Pay attention to the resistance of 2710-2720-2730 If it fails to break through, it will test 2670-2660-2650