World gold price reversed to increase slightly with spot gold up 12.2 USD to 1,958.4 USD/ounce. Gold futures in August last traded at $1,960.4 per ounce, up $14.7 from dawn the day before.
Gold prices pushed back above the psychologically important $1,950 an ounce in the last session of the week as US inflation fell in line with expectations.
Specifically, the US Department of Commerce said that the core personal consumption expenditure price index increased by 0.2% last month. In May, the figure was 0.3%. Inflation rose in line with economists' expectations.
Gold prices pushed back above the psychologically important $1,950 an ounce in the last session of the week as US inflation fell in line with expectations.
Specifically, the US Department of Commerce said that the core personal consumption expenditure price index increased by 0.2% last month. In May, the figure was 0.3%. Inflation rose in line with economists' expectations.
코멘트:
According to published data, GDP in the second quarter of the US increased by 2.4% (adjusted on a year-by-year basis). The number of initial jobless claims for unemployment benefits fell by 7,000 from the previous week, the Labor Department said.
코멘트:
Inflation in the past 12 months increased by 4.1%, down sharply from the increase of 4.6% in June. Annual inflation also decreased slightly compared to economists' expectations (4.2%). Despite the sharp drop in inflation, it is still nearly double the target level that the US Federal Reserve (Fed) is doing everything to achieve.
코멘트:
Although inflation remains high, some analysts have noted that it continues to fall in the right direction. This could convince the Fed to leave rates unchanged in September. The possibility of the State Bank to stop tightening policy continues to support gold prices.
코멘트:
Analysts note that growing rifts in consumption are also supporting gold prices. The report notes that personal income has not kept pace with consumption. Specifically, personal income rose 0.3 percent in June, compared with a revised 0.5 percent gain in May. The data fell short of expectations as economists expected a 0.5 percent gain. .
코멘트:
Kevin Grady, president of Phoenix Futures and Options, expects gold prices to test the top of the current range in reaction to economic data. Despite the bearish bias, any signs of weakness could support gold prices, he said.
