On Thursday, spot gold hit the biggest decline in nearly a week, closing at $1,775.33 per ounce. Because the U.S. dollar strengthened and data showed that the number of initial jobless claims in the United States had fallen sharply, the upcoming inflation report may affect the Fed's monetary strategy. The number of initial claims for unemployment benefits in the United States fell to the lowest level in more than 52 years. Bob Haberkorn, senior market strategist at RJO Futures, said that the number of initial jobless claims data is stronger than expected, coupled with the strengthening of the US dollar, is pushing down the price of gold, but there are also traders waiting for the consumer price index (CPI) data. If the inflation reading is at a high level, then the price of gold will immediately rebound and rise to $1,800. Since falling below the critical threshold of US$1,800 at the end of November, the price of gold has been stuck in a relatively narrow range of US$1760-1790. Investors have tried to judge the possible pace of the Fed's reduction of stimulus measures and interest rate hikes.

On Friday (December 10) Asian time, spot gold was trading around 1777. On Thursday (December 9), the price of gold fell slightly, due to the strengthening of the US dollar and data showing that the number of initial jobless claims in the United States fell sharply. At the same time, investors noticed that the upcoming inflation report may affect the Fed's monetary strategy.

During the day, we will focus on the November CPI in the United States and the University of Michigan Consumer Confidence Index. The CPI is expected to be significantly higher than the previous value. According to the situation in October, if inflation is higher than the expected 6.8%, the support effect on gold prices should be stronger, and the gold price may rise sharply. If the inflation is below 6.8%, the gold price may be Fall into shock.