Gold prices fluctuate ahead of U.S. CPI data, Ukraine conflict intensifies, and oil prices rise on hopes for China’s economic recovery. Catch up with today’s updates on LiveTrade!
1. Gold Prices: Awaiting U.S. CPI Data
Gold is hovering around $2,667.23 per ounce, close to a two-week high, as the market awaits U.S. CPI data. China’s increased gold purchases, central bank rate cut prospects, and geopolitical tensions have supported gold’s rally. However, it faces pressure from expectations of rising U.S. inflation, a stronger dollar, and high bond yields. Additionally, SPDR Gold Trust holdings have declined, adding to uncertainty. Short-term fluctuations and potential corrections remain a risk.
2. Crude Oil Prices: China’s Economy Drives Oil Recovery
Crude oil prices are rebounding on hopes of China’s economic improvement, particularly with loose monetary policies. Optimism also stems from geopolitical factors in the Middle East. However, Saudi Arabia’s move to cut official selling price premiums reflects concerns over weak demand, suggesting oil prices may remain volatile in the short term.
3. Russia-Ukraine Conflict
Former U.S. President Donald Trump has called for Ukraine to cease fire and engage in negotiations to end the conflict with Russia. However, Ukrainian President Volodymyr Zelensky firmly rejects territorial concessions, emphasizing the need for sustainable peace. Zelensky proposed deploying international forces in Ukraine ahead of NATO membership to ensure security. Discussions between Trump, Zelensky, and French President Emmanuel Macron in Paris have focused on diplomatic solutions to the conflict.
4. Middle East: Developments in Syria
Israel has launched large-scale airstrikes in Syria targeting military facilities and chemical weapons depots to prevent them from falling into militant hands. Meanwhile, Russia and Turkey reached an agreement to withdraw Kurdish forces from the besieged town of Manbij. The situation in Syria remains precarious as parties continue vying for control.
5. Global Economy
The probability of a 25 basis point rate cut by the U.S. Federal Reserve (Fed) in December is forecasted at 85.8%. In Australia, business activity declined in November due to struggles in manufacturing and retail sectors, coupled with weakened economic confidence. The Reserve Bank of Australia is expected to hold its interest rate steady at 4.35% for the foreseeable future.
6. Social Issues
In South Korea, U.S. troops have imposed curfews and travel restrictions following a martial law crisis. In Haiti, over 100 people have been killed in violence in the Cité Soleil area, with the government pledging swift action to arrest those responsible. Meanwhile, a random shooting in Damascus, Syria, left 28 dead, further exacerbating regional instability.
7. Cryptocurrency Market
Bitcoin dropped 3.48% over the past 24 hours to $95,795.14. The market cap currently stands at $1.895 trillion, with daily trading volume reaching $113.73 billion. Despite the decline, Bitcoin remains a key asset in the global digital market.
8. Political Situation in France
French President Emmanuel Macron plans to summon representatives from most political parties, excluding far-left and far-right groups, to discuss the nomination of a new prime minister. The goal is to reach consensus on forming a government to serve the nation’s common interests. The meeting is scheduled for December 14 at the Elysee Palace.
Conclusion
Today’s highlights reflect a volatile global landscape: gold prices fluctuate as markets await U.S. CPI data, oil prices recover on hopes for China’s economic recovery, and geopolitical tensions escalate in Ukraine and the Middle East. These developments continue to significantly impact global markets and public opinion.
