By earn 
Comex Gold Steady Amid Federal Reserve’s Decision
As traders navigate the complexities of the current financial landscape, Comex gold remains steady at $2,660. Market participants are cautiously awaiting the U.S. Federal Reserve’s final policy meeting of 2024, which is expected to provide insights into the monetary policy direction for the upcoming year. This period of anticipation creates a stable environment for gold, attracting investors while they process the Fed’s forthcoming decisions.
WTI Crude’s Underperformance and Inventory Reports
Meanwhile, WTI crude oil trades below $70 per barrel, reflecting market sensitivities to interest rate movements. Investors are on alert for new cues from the market, particularly with the upcoming EIA inventory report. Recently, the American Petroleum Institute reported a noticeable 4.7 million-barrel decline in crude stocks for the week ending December 13. However, the increase in gasoline and distillate inventories presents a mixed picture, adding to the market’s cautious stance.
LME Base Metals and China’s Economic Growth Plans
In the LME base metals market, fluctuations continue amid reports that Chinese leadership is contemplating an annual growth target of approximately 5% for the coming year. Additionally, increasing the budget deficit to 4% of GDP highlights China’s commitment to maintaining stable economic growth while fostering domestic consumption. As these developments unfold, market attention shifts towards the highly anticipated U.S. Federal Reserve decision and upcoming UK CPI data, crucial indicators for commodities and broader economic stability.
