Wednesday, July 24, 2024
Home Commodities Gold prices stabilize as US inflation figures gain traction

Gold prices stabilize as US inflation figures gain traction

by xyonent
0 comment
1720586484 Photo.jpg

Gold prices remained steady on Wednesday as investors focused on key U.S. inflation data that could shed further light on the trajectory of the Federal Reserve’s interest rates.


* Spot gold was little changed at $2,365.09 an ounce as of 0040 GMT. U.S. gold futures rose 0.2 percent to $2,372.60.

* Fed Chairman Jerome Powell told Congress that inflation has improved in recent months and “further, better data will strengthen the case for accommodative policy,” but he told lawmakers he did not want to “send any signals about the timing of future actions” on interest rates.

* Traders now see a 73% chance of a rate cut in September, according to CME Group’s FedWatch tool. The appeal of low-yielding bullion tends to shine when interest rates are low. * Market attention is now on Consumer Price Index (CPI) data due for release on Thursday, which shows headline prices rising 0.1% month-on-month and core prices rising 0.2%, for annual gains of 3.1% and 3.4%, respectively. * U.S. small business confidence rose to a six-month high in June, according to data released on Tuesday, but inflation concerns remain. * Global physically-backed gold exchange-traded funds (ETFs) saw inflows rise for the second straight month in June, driven by increased holdings by funds listed in Europe and Asia, the World Gold Council said on Tuesday.

* Spot silver fell 0.1% to $30.77, platinum rose 0.3% to $986.80 and palladium was flat at $980.49.

* The Guangzhou Futures Exchange said on Tuesday it plans to launch China’s first platinum and palladium futures contracts to provide a domestic price hedging mechanism in the world’s second-largest economy.

Data/Events (GMT)

0130 China Producer Price Index, Consumer Price Index YoY Change June

You may also like

Leave a Comment

About Us


At InvestXyon, we empower individuals with knowledge for informed investing, financial navigation, and secure futures. Our trusted platform covers investments, stocks, personal finance, retirement, and more.

Feature Posts


Subscribe my Newsletter for new blog posts, tips & new photos. Let's stay updated!