Inflation cooling but retail sales data stronger than expected, US dollar rebounding slightly, gold prices rising and falling

Rising may put pressure on gold prices.

At present, the money market expects a 100% chance of the Federal Reserve raising interest rates in December, and investors are currently shifting their expectations towards when the Federal Reserve will start cutting rates.

Economists at Dao Ming Securities said, "Gold traders expect the Federal Reserve to shift towards a dovish stance by the end of 2023/early 2024, coupled with strong purchases from official sectors, which should continue to push gold prices above $2100 per ounce in 2024."

Although gold is considered an inflation hedge, rising interest rates have weakened the attractiveness of unprofitable gold.

New York independent metal trader Tai Wong said, "With the support of yields, gold initially rose and then fell. I believe the outlook for (gold) assets will remain optimistic, but the trend will be more cautious."