Gold Prices Today: Limited Decrease in 21 Carat Gold, Global Prices Await US Inflation Data and Federal Reserve Meeting

The global price of gold

Gold prices witnessed weak movements at the beginning of the week, as the volatility continued to control the movements of the precious metal, as markets await this week the release of US inflation data, followed by the Federal Reserve meeting, which would chart the course of gold during the coming period.

The technical report of Gold Billion said that spot gold prices during trading today, Monday, at the time of writing the report, are trading at the level of 1965 dollars an ounce, after witnessing a slight increase by 0.2%, after gold was able to rise during the past two weeks, despite its trading in a specific range.

The report indicated that gold received some support last week from data on the number of applicants to fill weekly unemployment benefits, which rose to the highest level in a year and a half, increasing expectations that the Federal Reserve will stop raising interest rates during its meeting this week. The report pointed out that the markets are awaiting the release of US consumer price data for the month of May tomorrow, and expectations indicate that the monthly index will rise by 0.2%, less than the previous reading of 0.4%, while the annual index is expected to rise by 4.1% from the previous reading of 4.9%.