Investing.com – Updated at 15:55 KSA time
Gold prices are witnessing noticeable fluctuations during these moments of today’s trading after the release of US inflation data, as prices have not yet settled on a destination.
Gold futures are now up 0.02% to $1,935 an ounce.
Meanwhile, spot gold contracts fell by 0.05% to $1,912 per ounce.
To read the inflation data released recently:
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It declined during these moments of trading, today, Wednesday, as it consolidated above the lowest level in two weeks reached in the last session.
Global markets are awaiting the release of consumer price index data in the United States, tomorrow, Wednesday, to anticipate more evidence about the Federal Reserve’s possible decision on interest rates in the near future.
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Gold and dollar now
Gold futures fell 0.16% to $1,932 an ounce.
While it fell by 0.2% to $1,909 per ounce.
On the other hand, it stabilizes at 104.344 points.
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Gold at settlement yesterday
Gold prices fell at the end of trading yesterday, Tuesday, amid continuing pressure from the rise in the dollar index, and markets awaiting the emergence of consumer inflation data in the United States tomorrow.
Futures prices for the yellow metal for December delivery fell by 0.60%, or the equivalent of $12.1, to $1935.1 per ounce, bringing its losses since the end of last week to about 0.4%.
Exiting gold
Bob Haberkorn, market strategist at RJO Futures, said that investors are exiting the gold market at the present time, awaiting the results of the expected data, and perhaps to buy the precious metal at a lower price due to the continued presence of some safety in the possession of gold.
In terms of economic data, the Small Business Association survey in the United States showed, on Tuesday, that business confidence declined over the past month for the first time since April, with inflation and labor shortages remaining at the top of the challenges hindering economic activity.
The Small Business Confidence Index fell by 0.6 points in August to 91.3 points, after hitting an eight-month high of 91.9 in July. The index remained – for the 20th month in a row – below the 49-year survey average of 98 points.
Consumer price index data in the United States is expected to be released at 15:30 Saudi time, and with the rise in energy prices, expectations indicate that inflation will be higher.
Gold is very sensitive to interest increases because this increases the opportunity cost of owning the precious metal, which does not generate a return.
Will gold fall below $1,900?
“If US inflation data comes in higher than expected, the 10-year yield is likely to rise, negatively impacting gold,” said Kelvin Wong, chief market analyst for Asia-Pacific at OANDA.
Benchmark 10-year bond yields rose 0.2% on expectations that interest rates will remain high for longer, maintaining support for the US dollar and limiting bullion’s upside.
Meanwhile, spot gold may retest support at $1,905 per ounce, with a good chance of falling below that level towards $1,898, according to Reuters technical analyst Wang Tao.
other metals
Spot transactions fell 0.8 percent to $22.92 an ounce. Platinum fell 0.5 percent to $905.49 an ounce, and fell 0.8 percent to $1,230.44 an ounce.
2023-09-13 19:10:26
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