© Reuters.
Investing.com – Gold prices fell by about one and a half percent to the lowest level in two months during these moments of trading on Tuesday, as the yellow metal fell below the $2,000 level for the first time since December, as the US inflation report, which was stronger than expected, reduced the chances of… Early cut in interest rates from the US Federal Reserve.
Data showed that US consumer prices rose more than expected in January amid an increase in shelter and health care costs.
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Federal Reserve policymakers will likely wait until June before cutting interest rates, traders are betting after US CPI data.
After the release of inflation data, the dollar jumped to its highest level in three months against its competitors, making gold more expensive for holders of other currencies. The 10-year yield also rose.
Investors will now focus on Thursday’s retail sales data and Friday’s Producer Price Index numbers. The market will also hear comments from a large number of Fed officials this week.
Several US Federal Reserve officials, including Chairman Jerome Powell, said last week that they wanted to see more evidence that inflation will continue to fall before cutting interest rates.
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Gold and dollar now
It is now down 1.45% to $2,004 an ounce.
While it fell by about 1.46% to $1,991 per ounce. It recorded its lowest levels since December 13 earlier in the session.
On the other hand, the American is now rising by 0.63% to 104.697 points.
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2024-02-13 15:24:00
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