Gold futures prices ended Wednesday’s trading with a significant decline after rising for three days in a row, as the yellow metal was damaged by the rise in the dollar against the backdrop of a rise in consumer prices in the United States more than expected, which reduces the possibility of a US interest rate cut soon.
After today’s announcement of inflation data, the chances of a US interest rate cut next June declined to only 15.1%, according to the Federal Reserve’s monitoring index.
The dollar value index against major currencies rose to 105.30 points before trimming its gains to record 105.20 points in afternoon trading, an increase of approximately one percentage point from its level yesterday.
The price of the yellow metal rose by $13.90, or 0.6%, to $2329.60 per ounce for current April delivery.
The price of silver also rose by $0.070, or 0.215%, to $27.961 per ounce for current April delivery.
Data from the US Department of Labor issued on Wednesday showed that the consumer price index in the United States rose more than expected last month as a result of the rise in housing and fuel prices.
The Ministry stated that consumer prices rose last March by 0.4% per month, which is the same increase recorded last February, while analysts had expected them to rise by 0.3% per month.
The core consumer price index, which excludes the most volatile commodities such as food and energy, rose by 0.4% monthly for the third month in a row, while analysts had expected it to rise by 0.3%.
On an annual basis, consumer prices in the United States rose last month by 3.5%, while analysts had expected them to rise by 3.4% after rising by 3.2% annually during the previous month.
At the same time, the core inflation rate reached 3.8% annually last month, the same level as in the previous month, while analysts had expected it to decline to 3.7% annually.
2024-04-11 10:42:06
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