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Gold traded above $4,630 per ounce on Wednesday, extending its record setting run as markets assessed the balance between easing inflation pressures and resilient US demand. New data showed that producer prices in November largely avoided an upside surprise, with core PPI flat on the month, aligning with a cooler CPI print released earlier this week and reinforcing the view that underlying price pressures are moderating. That backdrop has sustained expectations that the Federal Reserve will deliver two or three rate cuts this year, supporting gold as policy uncertainty remains elevated. At the same time, strong retail sales figures underscored robust household spending, tempering outright dovish conviction but not enough to derail the metal’s rally. Haven demand remained firm amid renewed concerns over the Federal Reserve’s independence following a criminal probe linked to Chair Powell’s June testimony, while persistent geopolitical tensions around Iran continued to add support.

Gold Extends Record Setting Run

US stock futures were in the red on Wednesday, with S&P 500 futures down 0.3%, Nasdaq 100 futures slipping 0.5%, and Dow Jones futures lower by around 100 points, as investors assessed a fresh batch of economic data while digesting new bank earnings. US producer inflation edged higher in November amid a jump in energy costs, while retail sales rose more than expected, reinforcing the Fed’s cautious stance. On the earnings front, Wells Fargo shares fell 2.4% in premarket trading after the bank missed earnings and profit estimates. Bank of America slid 1.8% despite beating expectations, while Citigroup climbed 1.5% after posting stronger-than-expected earnings and revenue. JPMorgan edged down 0.6%, extending its 4.1% decline from the previous session after disappointing quarterly results. Meanwhile, investors continue to monitor developments in Iran, while the US Supreme Court could issue a ruling on tariffs later today.

US Futures Lower, Bank Earnings Eyed

The yield on the 10-year US Treasury note eased to 4.15% after testing four-month highs of 4.2% earlier this week as markets gauged the magnitude of rate cuts expected by the Federal Reserve this year. New data indicated that both headline and core producer prices refrained from rising above expectations in November, aligned with a cooler CPI print released earlier this week. The results maintained the market's view that the Fed is due to deliver two or three interest rate cuts this year, with bets of disinflation making room for policymakers to prioritize a stagnating labor market. Meanwhile, President Trump ordered the Freddie Mac and the Fannie Mae to purchase $200 billion in mortgage backed securities, potentially adding demand to long-dated fixed-income securities. In turn, strong retail sales aggregates maintained the view of robust household expenditure in the US economy.

US 10-Year Yield Inches Down

Core producer prices in the United States, which exclude food and energy, were unchanged from the previous month in November of 2025, holding the 0.3% increase in October and below market expectations of a 0.2% increase. Final demand prices for services stalled in the period, limiting the impact of the 1.2% jump in the final demand of goods less.

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