Gold

Gold futures demonstrated resilience this week, finding crucial support at the $2600 level after Wednesday's close. The February contract, which opened at $2600.60 on Thursday, showed steady momentum throughout the session.

Gold futures reached a peak above $2,750 per troy ounce on Wednesday, December 11, marking the beginning of a significant price decline that would persist over the following six trading days. The selling pressure in gold pricing continued following yesterday's Federal Reserve announcement.

The Federal Reserve concluded its final FOMC meeting of the year today with an anticipated 25 basis point rate cut, setting the benchmark "Fed funds" rate between 4¼% and 4½%. However, the Fed's forward monetary policy projections for next year triggered widespread selling pressure across financial markets.

Gold continues to experience downward pressure for the fourth consecutive trading session, with the most active February futures contract dropping $6.70 to settle at $2,663.50. The US dollar index marginally increased by 0.09%, reaching 106.985, reflecting evolving market dynamics.

The Federal Reserve is set to conclude its final Federal Open Market Committee (FOMC) meeting of the year on Wednesday, December 18. Investors widely expect a third consecutive rate cut, with the CME's FedWatch tool indicating a 95.4% probability of a 25-basis-point reduction, which would bring the Fed's benchmark rate to between 4¼% and 4½%.

Gold futures are currently in the midst of a price correction after hitting a double top near $2,750. On Wednesday, December 11th, gold opened at $2,721 and reached an intraday high of $2,760, the highest level since the $2,654 low on December 6th.

The gold market experienced significant turbulence recently, with prices dropping approximately $50 following the release of the November Producer Price Index (PPI) report. This sudden movement highlights the complex interplay between economic indicators, market sentiment, and commodity pricing.

Gold futures have experienced a remarkable week of gains, climbing nearly $100 per troy ounce across three consecutive trading sessions. The recent price surge coincides with the latest Consumer Price Index (CPI) report, which reveals a persistent inflationary trend that has caught the attention of financial markets and Federal Reserve officials.

Gold futures have surged significantly, with the February 2025 contract gaining $34.90, or 1.30%, to reach $2,717.80 per troy ounce. This breakthrough comes after an extended period of consolidation, marking a notable shift in the precious metal's trading pattern.

Gold prices basis the most active February contract a a significant gain today of $20.10 or 1.06%, taking gold to $2683.