???? Gold Slips to 2-Month Low as Dollar Flexes

Hala,

?? A slice of Queen Elizabeth II’s wedding cake from 1947 just sold for $2,800!(1) ?? Guess it aged better than most marriages! ??

amana’s take

• Sterling seems stuck in a rut. The pound is loitering around 1.2750 against the dollar, awaiting the big CPI reveal. Traders are bracing for a 2.6% inflation bump, but unless we see a real curveball, the Fed’s December plans might just snooze on.
• U.K. Job Blues? Unemployment in the U.K. ticked up to 4.3%, leaving the pound with a bit of a limp. Traders are wondering if the Bank of England is warming up to rate cuts sooner rather than later.
• Rate talk rodeo? With Bank of England’s Catherine Mann and a herd of Fed speakers taking the mic, investors are all ears for hints, whispers, or even a sneeze that could sway rate expectations.

Stock Market Update

???? U.S. stocks decided to hit "pause" on Tuesday, catching their breath from the postelection hustle. The Dow fell 0.86% to 43,910.98, the S&P 500 slipped 0.29% to 5,983.99, while the Nasdaq 100 eased 0.17%, closing at 21,070.79.(2) Guess Wall Street needs a coffee break, too! ↘??

???? Gulf markets, though, rode the seesaw as oil prices sagged. Abu Dhabi dipped 0.2% to 9,420, while Dubai climbed 1.1% to 4,701.(3) ????

???? Gold’s Losing Streak, Dollar Bulks Up!

Gold found itself in a bit of a cardio slump on Tuesday, shedding a bit of its shine ?as the U.S. dollar bulked up to a four-month peak on post-election policy implications.(4) The dollar’s muscular gains came with a flex of optimism around economic growth and a pivot from the recent election wave. In this battle of strength, it seems traders are still eyeing the Fed, waiting to see if they’ll adjust their rates and give gold a fresh set of reps. ????

????? Gold Workout Facts:

• Dips Down: Gold hit its lowest since Sept. 20, dropped to $2,589.59 before rising to $2,600.93 per ounce.
• Dollar Flex: U.S. dollar surged to a four-month high, increasing bullion costs for non-dollar holders.
• Fed Watch: U.S. CPI data lands Wednesday, with traders bracing for some Fed-fueled market movement.
• Spot Check: U.S. gold futures eased, dipping 0.4% to settle at $2,606.30 per ounce.
• Yield Pumps: Treasury yields inched higher, as bitcoin also lifted off, flexing in a growth-hungry market. ????

??? Holding Steady for the Fed?

With gold currently taking a breather, it’s got its eye on a comeback. Analysts expect a future weight lift if inflation rises, possibly supporting a return to higher prices. As the Fed preps its next moves, the gold bulls are ready to start training for a stronger finish. Hold tight, because with U.S. economic data and Fed cues coming in hot, this session’s shaping up to be one for the highlight reel. ????

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Closer to Home?

• ?? Dubai’s toll-gate operator Salik hit the gas in Q3 with profits up 9% to AED 277.3M ($76M), leaving analysts’ estimates (AED 273.2M) in the dust! Dubai's busy streets boosted its revenue at AED 546M.(5) Seems like Dubai traffic pays. ??
• ??? Parkin, Dubai’s parking pro, cruised to AED 104.7M ?($28.5) in profits—up 5% YoY while revenue sped ahead 25% YoY to AED 239.2M.(6) Those parking meters are cash machines! ??
• ?? Saudi Arabia's stats game is on point! Climbing 22 spots in the World Bank's National Statistical Organizations Performance Index (SPI), it now leads the Gulf and Arab world, placing 14th among the G20 countries. What an amazing glow-up.(7) ??

What Else Is Trending

• ?? Meta just slashed its ad-free Facebook and Instagram prices by 40% for EU users—thanks to some regulatory nudging! EU users can also stick with the free version, just with ads based on a “lite” data set.(8) ??
• ?? Dogecoin skyrocketed 20% on Tuesday as U.S. President-elect Trump unveiled “DOGE,” the Department of Government Efficiency, to “slash excess regulations and restructure Federal Agencies.”(9) Memecoin meets the government! ??
• ? Meanwhile, oil prices hovered at two-week lows, with Brent at $71.89 and WTI at $68.12, both adding a modest 0.1%. OPEC’s demand cut and China’s lukewarm stimulus kept the lid on!(10) ???

??Quote of the Day

“The only bad workout is the one that didn’t happen.” — Unknown

amana.app

Sources:(1) UPI, (2) (8) (9) CNBC, (3) (5) (6) (7) Zawya, (4) CDN, (10) Reuters