Gold continues to go up, entry buy today
Cooling US inflation pushed gold prices up nearly 30 USD an ounce, and helped Wall Street set a new record.
Closing the trading session on May 15, each ounce of world gold for immediate delivery increased by 27 USD to 2,385 USD. During the session, gold price at one point touched 2,390 USD - the highest in nearly a month.
The market went up due to the weakening of the USD and falling US government bond yields, after the country announced that April inflation increased more slowly than forecast. This data has strengthened the possibility of the US Federal Reserve (Fed) reducing interest rates.
The US consumer price index (CPI) increased by 0.3% last month. In February and March, the increase was 0.4%. This shows that inflation has restored its downward trend, giving investors more confidence that the Fed will lower interest rates from September.
CPI "may be an early indicator showing that in the long term, inflation will cool down and the Fed will have the first decision to reduce interest rates," said Phillip Streible - market strategist at Blue Line Futures. CME FedWatch tracker shows that investors currently place a 74% chance of a Fed rate cut in September.
The index tracking USD prices with a basket of major currencies - Dollar Index yesterday decreased 0.6%, reaching its lowest level in more than a month. This makes gold more attractive to buyers outside the US. The 10-year US government bond yield also fell to a one-month low.
Closing the trading session on May 15, each ounce of world gold for immediate delivery increased by 27 USD to 2,385 USD. During the session, gold price at one point touched 2,390 USD - the highest in nearly a month.
The market went up due to the weakening of the USD and falling US government bond yields, after the country announced that April inflation increased more slowly than forecast. This data has strengthened the possibility of the US Federal Reserve (Fed) reducing interest rates.
The US consumer price index (CPI) increased by 0.3% last month. In February and March, the increase was 0.4%. This shows that inflation has restored its downward trend, giving investors more confidence that the Fed will lower interest rates from September.
CPI "may be an early indicator showing that in the long term, inflation will cool down and the Fed will have the first decision to reduce interest rates," said Phillip Streible - market strategist at Blue Line Futures. CME FedWatch tracker shows that investors currently place a 74% chance of a Fed rate cut in September.
The index tracking USD prices with a basket of major currencies - Dollar Index yesterday decreased 0.6%, reaching its lowest level in more than a month. This makes gold more attractive to buyers outside the US. The 10-year US government bond yield also fell to a one-month low.
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