GOLD soaring high as unemployment increases

Precious metal prices rebounded as US Treasury bond yields fell and inflationary pressures in the US were easing. US CPI remains unchanged in October 2023. US PPI also fell the strongest in three years.

Previously, the Fed decided to keep the basic interest rate unchanged. However, US policymakers left open the possibility of raising interest rates later this year and implementing monetary policy throughout 2024 will be tighter than expected. Investors are still concerned about a series of short-term risks, making an economic "soft landing" impossible. The US House of Representatives has passed a temporary spending bill to avert a government shutdown, with broad support from lawmakers.