Gold Little Changed with US Inflation Data in Sight
Spot gold rose 0.6% as traders awaited U.S. inflation reports and weighed a 60% chance of another Federal Reserve rate hike.
- On Wednesday, September 9, gold prices firmed as the US dollar weakened, while renewed US-Iran tensions and upcoming inflation data kept investors focused on interest rate outlooks.
- Tensions escalated after Iran's Revolutionary Guard struck a U.S. base in Jordan and attacked 10 ships, following the U.S. destruction of five Iranian oil tankers during the six-month-old war.
- Markets are awaiting U.S. producer price index data on Thursday, September 10, with consumer price index data following Friday, while traders see a 60% chance the Federal Reserve will raise interest rates.
- OANDA senior market analyst Kelvin Wong described the gold market as a "tug of war" between bulls and bears, with investors expecting continued volatility until the CPI report release.
- Alpine Macro commodities strategist Kelly Xu noted that "precious metals face a near-term test," but structural supply deficits provide fundamental support for silver over the longer term.
20 Articles
20 Articles
The Economic Times
Times of IndiaGold little changed with US inflation data in sight
Gold prices hold their fort as traders keenly anticipate key inflation data that will influence interest rate strategies of the US central bank. Economists suggest the Federal Reserve will likely maintain current rates this year, while todays focus also shifts to the European Central Bank, poised to hike rates. Ongoing geopolitical tensions and fluctuating economic indicators continue to sway the precious metals market.
Gold prices rose as the dollar retreated, while markets await US inflation data to assess the interest path. Geopolitics and financial concerns supported precious metal, despite the pressures of monetary tightening expectations.
Gold prices rose today Wednesday with a slight decline in the dollar, while renewed attacks between the United States and Iran and anticipated inflation data were maintained
This article was originally published on Cedarnews.net. For more exclusive news and reports, visit our website. Gold prices rose today, supported by a slight decline in the dollar, while renewed attacks between the United States and Iran and upcoming inflation data kept the focus on the outlook for interest rates, according to Reuters. Spot gold rose 0.4 percent to $4,372.19 per ounce by 02:30 GMT. Meanwhile, U.S. gold futures for December deli…
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