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The Dow Jones Industrial Average closed down 215.67 points, or 0.45%, at 47,739.32 on Monday, December 8; the S&P 500 closed down 23.89 points, or 0.35%, at 6,846.51 on Monday, December 8; and the Nasdaq Composite closed down 32.22 points, or 0.14%, at 23,545.90 on Monday, December 8.Sources say PepsiCo (PEP.O) will commit to cost-cutting measures in its deal with Elliott Management.On December 9th, the European Central Bank (ECB) urged Rome to reconsider a proposed amendment that would state that the Bank of Italys gold reserves belong to the Italian people. The ECB warned that this move could jeopardize its independence. In a document published on its website, the ECB reiterated its opposition to the proposal. Italy has already amended the amendment twice, with the latest draft explicitly stating that the measure would not supersede EU rules protecting central bank independence. Italy holds the worlds third-largest gold reserves, recorded on its central banks balance sheet. The law stipulates that the Bank of Italy must manage these gold reserves in accordance with EU rules, which prohibit the use of gold for government spending. Members of Italys ruling party have proposed including the amendment in the 2026 budget law. The initial version stated that the central banks gold belonged to the state, but this was later amended to belong to the Italian people.The Trump administration wants airlines and airports to offer healthier food.On December 9th, Paramount Pictures launched a hostile takeover bid for Warner Bros. and released a list of investors supporting the offer. Perhaps the most notable is Affinity Partners, a private equity firm founded by Jared Kushner, the son-in-law of US President Donald Trump. In its filing, Paramount stated that Larry Ellison, father of CEO David Ellison, and RedBird Capital Partners have committed $40 billion in cash guarantees for the acquisition. However, Paramount has also arranged for other investors, including Kushners private equity firm, to share some of the investment. The addition of Affinity Partners adds a new political dimension to the Warner Bros. battle.

Gold Price Prediction: XAU/USD falls to $1960 as USD recovers in advance of Core PCE Price Index

Daniel Rogers

Mar 29, 2023 14:23

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After failing to hold above $1,970.00 during the Asian session, the gold price (XAU/USD) has declined. As concerns of a U.S. banking crisis have diminished significantly, the allure of the precious metal has decreased. As the US Dollar Index (DXY) has shown a recovery move, it is expected that the Gold price will continue to correct.

 

The USD Index has recovered after establishing a cushion around 102.40. The USD Index has extended its recovery to near 102.60 as investors transfer their attention to Friday's core Personal Consumption Expenditures (PCE) Price Index data.

 

The Federal Reserve's (Fed) preferred inflation gauge is anticipated to increase by 0.4%, which is less than the previous increase of 0.6%. The annual rate is anticipated to remain unchanged at 4.7%. A deceleration in the rate of consumer spending on essential products will further diminish the likelihood of another rate rise by the Federal Reserve. The likelihood of a decline in consumer expenditure has increased as the labor cost index has remained lower than anticipated. In addition, after the failure of three mid-sized institutions, US banks have tightened credit conditions for individuals and businesses.

 

In the meantime, S&P500 futures posted stronger gains during the Asian session following a rangebound auction on Tuesday. US stocks have been supported by expectations that the Federal Reserve (Fed) will maintain constant interest rates in the future.

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