gold silver Gold price rallies sharply after slightly tamer U.S. CPI
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The just-released U.S. consumer price index report for November showed a rise of 0.1% from October and was up 7.1%, year-on-year. CPI was expected to come in up 0.3% from October and up 7.3%, year-on-year. The slightly cooler-than-expected inflation data was enough to rally the stock and financial markets, and the metals, while tanking the U.S. dollar index. The CPI report lands in the camp of the U.S.
Also featured this week are major central bank meetings. The Federal Reserve’s Open Market Committee meeting begins Tuesday morning and ends Wednesday afternoon with a statement and press conference from Fed Chair Powell. The FOMC is mostly likely to raise U.S. interest rates by 0.5%. The European Central Bank and the Bank of England meet on Thursday and are likely to follow the U.S. Federal Reserve with half-point rate hikes.
Other U.S. economic data due for release Tuesday includes the weekly Johnson Redbook retail sales report, the NFIB small business index, real earnings and the IBD/TIPP economic optimism index.
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