Gold Steadies as Investors Bank on More US Rate Cuts Next Year

Global electric vehicle (EV) sales growth has slowed to its lowest rate since February 2024, primarily due to a plateau in the Chinese market and recent policy changes in the United States. This decline reflects a significant shift in consumer demand and market dynamics, particularly in China, where car sales have also seen a notable decrease.

Gold prices remained steady in the early Asian session, supported by a weakening U.S. dollar, which typically makes the precious metal more affordable for buyers using non-dollar currencies. This stability comes as the market anticipates upcoming Federal Reserve meetings and potential interest rate cuts.

The U.S. military has seized a sanctioned oil tanker off the coast of Venezuela, a move confirmed by President Donald Trump. This operation is part of a broader strategy aimed at increasing pressure on the Venezuelan government led by Nicolás Maduro, amidst ongoing tensions in the region.

The U.S. is reportedly preparing to seize additional oil tankers off the coast of Venezuela following the recent seizure of a ship, which has heightened tensions between the two nations. This action reflects ongoing U.S. military operations aimed at curbing Venezuelan oil exports amid a backdrop of political instability in the country.

Emma Walmsley, CEO of GSK, has stated that the United States is the premier destination for pharmaceutical investment, citing its leadership in drug and vaccine launches. This assertion places additional pressure on the UK government to enhance its appeal to drug companies.

US wholesale inventories experienced a significant rebound in September, indicating a recovery in stock levels after previous declines. This uptick suggests improved supply chain conditions and may reflect increased consumer demand as businesses prepare for the upcoming holiday season.

The US trade deficit in September reached its lowest level in over five years, driven by a significant increase in goods exports. This narrowing of the trade gap reflects a robust demand for American products in international markets, signaling a positive shift in the trade balance.

US initial jobless claims rose by 44,000 to 236,000 for the week ending December 6, marking the largest increase since the pandemic began. This surge in unemployment benefit applications contrasts with a narrowing trade deficit, which unexpectedly shrank to its smallest level since mid-2020 due to increased exports.