Gold prices are stabilizing following touching an eight-month high earlier today, while investors await inflation data that may affect the course of the US Federal Reserve’s monetary policy.
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Gold records its highest level in 6 months… and expectations of a continued rise in 2023
Gold prices stabilized, this evening, Wednesday, following touching their highest levels in eight months earlier, as investors await inflation data that may affect the course of the US Federal Reserve’s monetary policy.
And gold settled in spot transactions at $ 1877.51 an ounce (ounce), by 1840 GMT, while gold futures contracts in the United States were settled, up 0.1%, at $ 1878.9 an ounce.
Jim Wyckoff, senior analyst at Kitco Metals, said prices were lower on some “profit-taking from short-term futures traders ahead of tomorrow’s CPI report,” adding that “the market may continue to be volatile until the data comes out.”
The US consumer prices report will be watched closely, following the US central bank cut interest rate hikes to 50 basis points in December, following raising them four times in a row by 75 basis points.
Dealers expect by 77% that the US central bank will raise the key rate by 25 basis points, to 4.5-4.75%, in February, and expect it to peak at 4.92% by June.
Spot silver fell 0.9% to $23.40 an ounce, while platinum fell 0.5% to $1075.63, and palladium settled unchanged at $1780.66.