Gold rises above $2,750 as markets eye US economic data

Gold surged past $2,750 per ounce on Tuesday, reaching record levels as markets shifted their attention to upcoming US economic data releases this week.

Gold rises above $2,750 as markets eye US economic data

Key highlights include PCE inflation, preliminary estimates for Q3 GDP, employment figures just before the presidential election, and the Federal Reserve's monetary policy announcement next week. Previous data indicated a resilient underlying economy, with a temporary dip in the labor market likely influenced by two hurricanes affecting job growth, reinforcing expectations for a modest rate cut.

Markets expect 25 basis point rate cut; China's gold consumption drops over 11%

Markets anticipate a 98% likelihood of a 25 basis point reduction in the federal funds rate, making holding non-interest-bearing bullion assets more attractive. Meanwhile, China's gold consumption in the first three quarters of the year fell by over 11% compared to the previous year.