gold futures price It closed up $7.10 on Tuesday as investors did not want to trade large lots ahead of today’s release of the Consumer Price Index (CPI).
gold futures price It closed up $7.10 on Tuesday as investors did not want to trade large lots ahead of today’s release of the Consumer Price Index (CPI).
Comex gold contract Delivered in Dec. Plus $7.10 to close at $1,812.30/ounce.
Analysts expect the CPI to be released today will indicate that US inflation has crossed its peak. As oil and commodities prices fell sharply in July.
The U.S. Department of Labor will release the CPI, a measure of consumer spending inflation. July today This will be the key economic data following the US non-farm payrolls released on Friday.
The poll of analysts expected the general CPI, which includes food and energy, rose 8.7 percent year-on-year in July. It slowed from a 9.1 percent jump in June, the highest level in 40 years.
Core CPI, which excludes food and energy It is expected to rise 6.1% in July year-on-year. It rebounded from 5.9% in June.
Meanwhile, investors are expecting the Federal Reserve to raise interest rates by 0.75% at its monetary policy meeting in September. After the United States revealed that the number of jobs increased more than expected.
The CME Group’s FedWatch Tool shows investors weighed 67.5 percent that the Fed would raise interest rates 0.75% to 3.00-3.25 percent at its Sept. 20-21 meeting, and weighted only 32.5% at the Fed. will raise interest rates by 0.50%
The 0.75% interest rate hike in September will be in line with Fed Chairman Jerome Powell’s statements following the July 27 monetary policy meeting, signaling the Fed will raise interest rates. 0.75% at the September meeting
In addition, if the Fed raised interest rates by 0.75% in September as expected. This will result in the Fed raising interest rates by 0.75% for the third time following rising 0.75% in both June and July.
Analysts say The number of non-farm payrolls increased more than expected. including a decrease in the unemployment rate and a rebound in the average hourly wage of workers This will allow the Fed to continue raising interest rates to curb inflation.
The Labor Department said that nonfarm payrolls rose 528,000 in July. It jumped more than double what analysts had expected of 258,000. The unemployment rate fell to 3.5 percent, below the 3.6 percent analysts expected.
