GOLD, SILVER AND BITCOIN PRICES, DAILY MARKET NEWS. DEC 2022.

Payrolls Exceed Expectations

Dec. 2, 2022

Friday, the Labor Department reported that nonfarm payrolls rose 263,000 in November.

The nonfarm payroll figure surpassed the 200,000 expected estimate. The jobless rate is steady at 3.7% as expected. November’s rate was slightly lower than October’s reading but still seems to remain strong even after significant interest rate bumps by the Fed.  

Unemployment that includes part-time and discouraged workers are currently at 6.7%. 

Another positive data point for the economy was the increase in average hourly earnings of 0.6% for November, twice the expected rate estimated by the Dow Jones.

Today, gold fell 0.99% to $1,794.90 per ounce. Silver dipped 0.31% to $22.94 per ounce. Platinum decreased by 3.07% to $1,030.30 per ounce, while Palladium sank by 3.09% to $1,928.00 per ounce. Bitcoin dumped 0.21% to $16,943.50.

Have you received a wage increase this year? Do you know anyone who has lost a job recently?

Fed’s Favorite Inflation Indicator Rose Less Than Expected in October

Dec. 1, 2022

The Commerce Department reported its Personal Consumption Expenditures Price Index (PCE) on Thursday.

The PCE grew by 0.2% month-over-month (MoM) in October, coming in a bit lower than the Dow Jones estimated 0.3% figure.

Core PCE, which excludes energy and food, jumped 0.2% MoM and 5% year-over-year. The month-over-month increase was also below the Dow Jones 0.3% estimate. Personal income rose 0.7% MoM, above the 0.4% estimate, but that figure is not adjusted for inflation. 

On Wednesday afternoon, Fed Chairman Jerome Powell announced that as a result of the slowing inflation rate, the central bank will begin to ease the increase of the Fed Funds rate. He cautioned that the central bank will still monitor the inflation rate and respond accordingly to control inflation.  

Today, gold rose 1.61% to $1,807.90 per ounce. Silver jumped 1.53% to $22.80 per ounce. Platinum increased by 0.87% to $1,065.00 per ounce, while Palladium grew by 1.11% to $1,925.50 per ounce. Bitcoin fell 1.31% to $16,948.50.

How is inflation affecting your day-to-day expenses? Do you see signs of it slowing down in your area?