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SP Angel Morning View -Todays Market View, Friday 13th December 2024 [Video]

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Gold and copper pull back as US dollar gains on stronger US Producer Price Index Inflation

MiFID II exempt information – see disclaimer below

Orosur Mining* (OMI LN) – Further high-grade, wide gold intercepts from Pepas, Colombia

Resolute Mining* (RSG LN) – Management update and Syama transition to 2023 Mining Code

Rio Tinto (RIO LN) – Commitment to invest US$2.5bn in Rincon for 60ktpa capacity

Gold ($2,668/oz) sells off as US producer inflation surprises to the upside

  • Gold prices weakened sharply yesterday in the wake of US PPI inflation data which came in hotter than expected.
  • The implication is that the Fed will feel inclined to maintain higher rates for longer.
  • The 10 year rose to 4.33% having been as low as 4.13% after last week’s jobs report.
  • This weighed on gold prices, pushing them down from $2,725/oz yesterday to $2,668/oz today.
  • The dollar is also pressuring gold, with the Euro, Pound and Yen all weakening against the …

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