Gold

Gold fell 0.3% to $2,711 per ounce after reaching its highest since November 6 ($2,725.79) amid profit taking by investors. Gold is supported by expectations of a 25 basis point Fed rate cut (98.5% probability) and resumption of gold purchases by China. Inflation in the U.S. is growing, but it is unlikely to stop the Fed from further policy easing. Data on the US producer price index may affect further market expectations.

Oil

Oil prices remained almost unchanged amid expectations of weak demand and US gasoline inventories rising above forecasts. Brent rose $0.14 to $73.66, while WTI rose $0.06 to $70.35 per barrel. The oil market is facing the impact of weak demand in China and increased supply outside OPEC+. However, China's plans to ease monetary policy in 2025 may support demand.