2023-09-14 08:56:00
© Archyde.com. Gold bullion in a photo from Archyde.com archive.
(Archyde.com) – On Thursday, it stabilized near its lowest levels in three weeks, which it touched in the last session following the release of US inflation data, which reinforced expectations that the Federal Reserve (the US central bank) would stop raising interest rates next week.
By 0747 GMT, prices settled at $1,905.49 per ounce, hovering around their lowest levels since August 25, which they reached on Wednesday at $1,905.10. While US gold futures fell 0.3 percent to $1,926.70.
“Greater uncertainty regarding the path of interest rate cuts in 2024 remains one of the factors driving gold price fluctuations,” said Christopher Wong, executive director of OCBC and a foreign exchange analyst.
He added, “The US CPI data was largely within expectations, and in a way, previous concerns regarding rising price pressures have faded.”
And 10-year yields declined following the Labor Department report showed yesterday, Wednesday, that the annual increase in inflation was the smallest in nearly two years, indicating that the Federal Reserve will keep interest rates unchanged next week.
However, US consumer prices rose in August at the largest pace in 14 months as the cost of gasoline rose.
The European Central Bank is also scheduled to announce its interest rate decision later on Thursday.
As for other precious metals, spot transactions fell 1.5 percent to $22.49 per ounce. Platinum lost 0.1 percent to $898.94 and fell 0.52 percent to $1,252.53.
(Prepared by Rihab Alaa for the Arabic Bulletin – Edited by Suha Jado)
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