Gold News – 10.Sep.2024
Gold News
CPI Report: The Consumer Price Index (CPI) report, expected to show a decrease in inflation to 2.6% in August from 2.9% in July, is the major focus this week. Anything below 2.6% would be positive news for the Federal Reserve. (Wednesday)
Gold Prices: Gold (XAUUSD) prices remained flat on Tuesday after a stagnant session on Monday, with the price consolidating near $2,500 per ounce as traders await the CPI report.
Interest Rate Expectations: Lower-than-expected inflation could lead to a larger interest rate cut by the Fed, potentially 50 basis points instead of 25, which would be beneficial for gold prices.
Market Behavior: Gold traders are preparing for potential volatility in prices ahead of the inflation data release, as lower inflation could reinforce the case for a bigger rate cut, making gold more attractive due to reduced opportunity costs.
Record Gold Prices: Gold hit a record high of $2,530 on August 20, reflecting its sensitivity to interest rate changes and inflation expectations.
Author : Arman Shaban
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