Gold prices are stabilizing after hitting an eight-month high today as investors await inflation data that could affect the course of US Federal Reserve monetary policy.
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Gold posts its highest level in 6 months… and expectations for a continued rise in 2023
Gold prices stabilized Wednesday evening after hitting their highest levels of eight months earlier as investors await inflation data that could affect the course of US Federal Reserve monetary policy.
And gold settled in spot transactions at $1877.51 an ounce (ounce), by 1840 GMT, while U.S. gold futures contracts settled, up 0.1%, at $1878.9 an ounce.
Jim Wyckoff, senior analyst at Kitco Metals, said prices fell lower on some “profit taking by short-term futures traders ahead of tomorrow’s CPI report,” adding that “the market could continue to be volatile.” until the data is published”.
The US consumer price report will be watched closely after the US central bank trimmed interest rate hikes to 50 basis points in December, after raising them four times in a row by 75 basis points.
Traders are 77% expecting the US central bank to lift its key rate by 25 basis points, to 4.5-4.75%, in February, and expect it to peak at 4.92% by June.
Spot silver fell 0.9% to $23.40 an ounce, while platinum fell 0.5% to $1075.63 and palladium was unchanged at $1780.66.
