S&P 500 — US Large Cap Index
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Euro Stoxx 50 — Eurozone Leaders
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Hang Seng — Hong Kong Index
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STI Index — Singapore Market
KOSPI — South Korea Index
Bovespa — Brazil Equities
JSE Top 40 — South Africa Index
IPC Index — Mexico MarketGold rose above $5,060 per ounce on Wednesday, hovering near an almost two-week high, supported by expectations of a more accommodative Federal Reserve. The move followed soft US data, as December retail sales fell short of forecasts, signaling a slowdown in consumer spending and reinforcing concerns about slowing growth. Markets have since priced in a higher probability of three Fed rate cuts this year, up from two just a week ago. Investors are now watching upcoming US jobs and inflation reports for further clues on the economy’s trajectory and potential Fed policy moves. Adding to the support, central bank demand remains strong, with the PBoC extending its gold purchases for the 15th consecutive month in January. Geopolitical risks also continued to lift prices, as markets monitored lingering tensions between the US and Iran, despite positive initial talks last week.
