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Gold prices are down as investors await US inflation data

12 Sep 2023 , 10:27 AM

Tuesday’s gold prices were unchanged as traders awaited the publication of American inflation data, which could give them a new perspective on interest rates following the Federal Reserve’s widely anticipated pause next week.

Spot gold was unchanged at $1,921.04 per ounce, while U.S. gold futures were down 0.1% at $1,944.50.

Ahead of the release of the United States Consumer Price Index (CPI) data on Wednesday, the U.S. dollar index stabilized after seeing its largest intraday fall in two weeks the previous session.

Despite anticipating price increases for items like rent, housing, and food in August and downgrading their opinions of their own personal financial situations, Americans’ views on inflation as a whole showed little change, according to research released on Monday by the New York Fed.

A day after President Joe Biden referred to China’s economic position as a ‘crisis,’ U.S. Deputy Treasury Secretary Wally Adeyemo stated on Monday that the area is more likely to be impacted by China’s economic troubles than the United States.

The European Commission predicted on Monday that the euro zone’s economy will expand more slowly than previously anticipated this year and the following year as a result of weak consumer demand due to rising inflation and Germany’s largest economy entering a recession this year.

Catherine Mann, a member of the Bank of England’s policymaking team, stated on Monday that it was premature for the BoE to stop rising interest rates.

The largest gold-backed exchange-traded fund in the world, SPDR Gold Trust, reported that its holdings decreased 0.20% to 884.89 tonnes on Monday from 886.64 tonnes on Friday.

Other prices were spot silver at $23.06 per ounce, platinum at $896.69, and palladium at $1,215.70. Spot silver was unchanged at $23.06 per ounce.

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Gold and silver prices today: Yellow metal at risk on potential US Fed rate  hike - BusinessToday

Related Tags

  • FED
  • gold
  • inflation
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