Gold is under pressure and is tipped to retreat below $2,780 per ounce after a historic high of $2,790. This current struggle is linked to persistent inflation and a resilient US economy.
Core PCE Price Index growth accelerated from 0.2% to 0.3% on a monthly basis in September, indicating a stable annual reading at 2.7%, which went against expectations, showcasing a resilient economic environment.
Personal spending growth accelerated to 0.5% on a monthly basis, highlighting consumer resilience in the US economy despite a challenging high-interest rate environment and reinforcing market expectations for continued rate adjustments.
While the US economy grew slower than expected, consumer spending rose at the fastest pace since last year, suggesting that the resilience in consumer behavior continues to support economic growth despite overarching interest rate concerns.
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