Oil and Gold Gain Traction as Commodity Traders Gauge Data Numbers

Oil and Gold Gain Traction as Commodity Traders Gauge Data Numbers

"Commodity markets around the world saw shifts in risk attitudes, keeping a close eye on inflation updates from the U.S. and China amidst rising geopolitical unrest in the Middle East. "

In the past fortnight, the U.S Dollar Index showed erratic movements, swinging between ups and downs as investors anticipated hints of U.S. inflation easing. Such a trend might suggest a sooner-than-expected rate reduction by the Federal Reserve. However, U.S. inflation rates exceeded forecasts, resulting in an immediate boost in both the dollar and U.S. 10-year treasury yields, climbing over 102.7 and 4 per cent, respectively. Over a year, US CPI and Core CPI climbed by 3.4 per cent and 3.9 per cent, surpassing predictions of 3.2 per cent and 3.8 per cent. 

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