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According to economists polled by Reuters, the U.S. may find itself in a short-term shallow recession. The survey was conducted on December 2–8. The poll has also shown that there is a 60% probability of a recession next year.

Gold is trading in a narrow range just below $1,800 on Friday as investors await US inflation data. Bullion prices were expected to close slightly lower this week.

In November, the producer price index in China decreased by 1.3% compared with the previous year. Economists polled by Bloomberg were speaking about a 1.5% decrease.

An incredible run of the US dollar distracted attention from other foreign currencies and added to the year’s few winning trades. In addition, a strong dollar opened the door to strong corporate profits. Despite the fall of the dollar in recent weeks, it could keep rising on recession fears in 2023.

There has been a rapid decline in crude oil prices this week due to fears of a recession in the U.S. in 2023. The threat of an economic downturn is driven by high levels of inflation and continued interest rate hikes.

Analysts at Wells Fargo believe that the U.S. dollar will remain strong in the first months of 2023. In the second half of the coming year, the U.S. currency is expected to decline.

The focus is on speculative positions in gold and silver.

On the agenda are data on oil platforms from Baker Hughes and speculative positions on oil and gas.

The focus is on inflation in the US, China, Russia and Norway, retail sales in New Zealand and consumer sentiment in the US.

The U.S. labor productivity recovered at a faster pace in the third financial quarter. However, labor costs are still on the rise.