Commodity Evening Trading Guide | Globe Capital Market LTD.
27-Oct-2023
Commodity Evening Trading Guide

BULLION  – Gold range – bound as traders focus on Middle East conflict, US rate scenario  

Report Overview

Gold prices flitted in a range-bound trade on Friday as traders weighed the repercussions of the Middle East conflict against expectations that U.S. interest rates would stay higher for longer after the economy’s upbeat performance last quarter.

Israeli forces executed their biggest ground attack in Gaza in their 20-day-old war with Hamas overnight as anger grew in the Arab world over Israel’s unrelenting airstrikes on the besieged Palestinian territory.

The U.S. economy surged at the fastest growth pace in nearly two years in the third quarter, again defying dire warnings of a recession.

The dollar was set for a weekly gain on Friday, while U.S. Treasury yields edged 0.2% higher after easing in the last session following the release of weaker-than-expected U.S. inflation and disposable income data.US/

Investor focus is also on the U.S. personal consumption expenditure (PCE) price index for cues on what to expect from the Fed’s policy meeting next week.

 

 

TIME DATA ACTUAL FORECAST PREVIOUS
6.00pm
US
Core PCE Price Index m/m
0.3% 0.1%
6.oopm
US
Personal Income m/m
0.4% 0.4%
6.00pm
US
Personal Spending m/m
0.5% 0.4%
6:30pm
US
FOMC Member Barr Speaks
7:30pm
US
Revised UoM Consumer Sentiment
63.0 63.0
7.30pm
US
Revised UoM Inflation Expectations
3.8%

 

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