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Markets continue Trump trades post CPI
The dollar’s strength remained a significant factor across metal markets, reaching a one-year high as uncertainty grew around the long-term path for U.S. interest rates.
Gold Decline: Gold prices fell to a near two-month low, pressured by a stronger dollar and expectations around Fed policy.
Copper Weakness: Industrial metals, especially copper, dropped amid weak Chinese stimulus measures and potential U.S. tariffs.
Bitcoin Rally: Bitcoin soared to a record high of $93,480, buoyed by Trump’s pro-crypto statements.
Gold
Gold prices dropped to a nearly two-month low overnight, primarily due to a stronger U.S. dollar following data showing persistent inflation in the U.S. Meanwhile, markets awaited further direction from the Federal Reserve, adding to the downward pressure on precious metals.
The dollar’s strength remained a significant factor across metal markets, reaching a one-year high as uncertainty grew around the long-term path for U.S. interest rates.
Industrial metals also took a hit, with copper prices tumbling to a three-month low amid ongoing concerns about China, the largest consumer of copper. Recent economic stimulus measures from Beijing have disappointed, and the possibility of higher U.S. tariffs on Chinese imports, especially if Donald Trump wins a second presidential term, added to the bearish sentiment.
Spot gold at the time of writing this is hovering around $2,553.
BTC
Bitcoin surged to a new all-time high of $93,480 overnight and continued to approach that level during Asia’s trading hours. The rally came amid recent remarks from Donald Trump, who pledged to position the United States as “the crypto capital of the planet” if re-elected, fueling optimism about supportive policies for the digital asset sector.
Inflation numbers
U.S. inflation ticked up in October, in line with expectations, according to the latest data from the Labor Department. The consumer price index (CPI), a primary measure of inflation, climbed 2.6% year-over-year, up from 2.4% in September. On a monthly basis, CPI rose by 0.2%, maintaining September’s pace.
Core inflation, which excludes volatile items like food and energy, saw a 3.3% annual increase, with a 0.3% rise from the previous month, mirroring September’s figures. This data is likely to be carefully reviewed by the Federal Reserve as it prepares for its policy meeting next month.
