◂ Event Timeline

Oct 11, 2024MACROGlobal

Gold extends gains over 1% as US PPI data solidifies rate cut hopes

Gold rose over 1% on Friday after U.S. producer price data strengthened expectations of a Fed rate cut the following month. Safe-haven demand tied to Middle East tensions also supported bullion.

WHY IT MATTERS

A softer inflation read weakens the dollar and supports commodities broadly, but the effect on feed grains is indirect. Impact is marginal for feed buyers.

AFFECTSUS Dollar (Broad)▼

SOURCE
reuters.comAnushree Ashish MukherjeeOct 11, 2024

Price reaction & history

US Dollar (Broad)▼bearishSO FAR1d -0.1%5d +0.7%20d +2.0%

After 1,637 past bearish macro events, US Dollar (Broad) moved a median -0.2% over 5 sessions (39% higher; middle half -0.6% to +0.3%), and -0.2% over 20.

Aug 23, 2024Gold gains over 1% as Powell comments hint at September rate cut-0.1%
Jun 3, 2024Gold rises as soft US economic data spurs Fed rate cut bets+1.2%
Nov 7, 2024Gold holds firm after US Fed rate cut, softer dollar+1.0%
Aug 1, 2024Gold extends record rally on Fed rate-cut bets, softer dollar-0.1%
Oct 31, 2019Gold gains as dollar weakens after Fed's interest rate cut-0.1%

Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.

US Dollar (Broad) DXY · GP ▸

——— · ·

Loading…