2024-02-14 07:17:00
© Reuters.
Investing.com – Gold prices settled near a two-month low during these moments of trading on Wednesday, trading below the key level of $2,000 an ounce, as a stronger-than-expected US inflation report prompted traders to reduce bets on imminent interest rate cuts from… Before the Federal Reserve.
Gold came under severe pressure following the US inflation report showed consumer prices rose more than expected in January, delaying the expected timing of the first Fed rate cut, as well as the amount of the cuts, said Kelvin Wong, a senior market analyst for the Asia-Pacific region at Awand. Which is expected to be seen by the end of the year.
Read also:
Excluding volatile food and energy prices, the so-called core CPI in the United States accelerated 0.4% in January and rose 3.9% from a year ago, and expectations were 0.3% and 3.7%, respectively.
Wong added that the next major support level for spot gold is $1,975 per ounce, as this coincides with what the Federal Open Market Committee meeting revealed in December when they announced interest rate cuts of three-quarters of a point in 2024, sending gold higher.
Traders have cut their bets from four quarter-percentage-point rate cuts for 2024, in line with a “point chart” the Fed released in December, and the Fed may wait until June before cutting interest rates.
The US dollar hovered near the highest level in three months, while ten-year yields approached the highest level in two and a half months.
Investors will now focus on US retail sales data scheduled for Thursday and Producer Price Index numbers scheduled for Friday. At least 5 Fed officials are scheduled to speak this week.
Read also:
Gold at settlement yesterday
Prices fell at the settlement of trading yesterday, Tuesday, with bond yields and the dollar index rising, in light of renewed fears of monetary tightening following US inflation data.
Upon settlement, gold futures prices for April delivery fell by 1.25%, or $25.8, at $2,007.2 per ounce, the lowest level at the end of the session since January 17 ($2006.50), following touching $2,047.3.
Read also:
Gold and dollar now
Gold futures fell 0.1% to $2,005 an ounce.
It fell by regarding 0.03% to $1,992 per ounce. After recording its lowest levels since December 13 on Tuesday. The metal fell regarding 1.4 percent on Tuesday, the largest daily decline since December 4.
On the other hand, the dollar index fell by 0.1% to 104.750 points.
other metals
Spot platinum settled at $871.90 an ounce, falling 0.2% to $862.14, and falling 0.2% to $22.04.
——-
As a reader of our articles, you can take advantage of this advantage and get an additional discount on fundamental analysis services and trading strategies on the InvestingPro platform by clicking here and using the sapro2 coupon to get a 52% discount.
InvestingPro will help you identify stock market buying opportunities and how to outperform the trend and other investors to support your investments and profits by:
Pro Pix: Trading lists created through a combination of artificial intelligence and human expertise with proven and guaranteed performance.
-
Pro Tips: Easy-to-understand information to simplify large amounts of complex financial data in just a few words
-
Fair value and health score: two summary indicators based on financial data that allow you to know immediately the potential and risks of each procedure.
-
Exceptional Stock Scanner: Find the best stocks according to your expectations by taking into account hundreds of financial metrics and indicators.
-
Historical data for thousands of stocks: to allow fundamental analysis professionals to dig into all the details themselves.
-
And more other services that you can benefit from, as well as services that we will add in the future.
Don’t be weaker than the market and other investors and join thousands of InvestingPro users to make better decisions in the stock market and review your portfolio to become better every time!
Click here to subscribe and don’t forget to use the sapro2 coupon to get an additional discount
Learn more regarding the InvestingPro tool here
If you encounter any problem using the coupon, you can contact support immediately from here
1707895524
#Gold #prices #hovering #important #level.. #major #support
