Financial Markets Summary: Gold is the standout winner while oil plummets sharply!

The financial markets experienced significant movements today, Thursday, following the release of a set of disappointing U.S. economic data. Among the most notable were the retail sales and unemployment claims data, as these figures could have a direct impact on the Federal Reserve's decisions in the near future.
U.S. retail sales recorded a growth of 0.4% in December 2024, which was below expectations of 0.6% growth. Meanwhile, the data for November was revised to show an increase of 0.8%. Additionally, unemployment claims in the United States rose by 217,000 new requests last week, surpassing expectations of only a 210,000 request increase.
Here’s a look at the movements in the financial markets:
U.S. Dollar Falls After Poor Data Release
The U.S. Dollar Index declined slightly after the release of the negative economic data, dropping to 108.94 points, down by 0.13%. This data has contributed to an increase in expectations that the Federal Reserve may accelerate the pace of interest rate cuts in the coming months.
Gold Sees Strong Gains as Dollar Weakens
Gold prices continued to rise for the third consecutive day, supported by the depreciation of the U.S. dollar. The precious metal recorded an increase of about $23 per ounce, reaching $2,718, amid rising demand for gold as a safe haven.
Bitcoin Experiences Minor Movements During Trading
The digital currency Bitcoin registered a slight increase of 0.42%, reaching a value of $99,587, coming close to surpassing the $100,000 mark, reflecting ongoing optimism in the cryptocurrency market.
Crude Oil Prices Decline Amid Anticipation of Trump’s Inauguration
Crude oil prices experienced a noticeable decline, with some investors becoming increasingly cautious ahead of the inauguration of elected U.S. President Donald Trump. Fears over the impact of his statements on the market affected U.S. crude oil contracts, which fell by 3.51%, reaching a price of $77.61 per barrel.
Mixed Movements in U.S. Stock Markets
U.S. stock markets exhibited mixed performance, with the Dow Jones Industrial Average declining by 0.062% to reach 43,194 points, while the S&P 500 fell by 0.090% to 5,944 points. In contrast, the Nasdaq index rose by 0.58% to reach 19,535 points.
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