Gold prices concluded Thursday with a slight decline following the broadly expected U.S. July inflation report. The precious metal registered its third consecutive day of decrease, influenced by the persistent pressure from elevated bond yields and the strengthened dollar over the previous couple of weeks.
**Market Performance**
**Key Influences**
Initially, gold prices displayed an upward trajectory following the release of U.S. inflation data. However, these gains gradually eroded as significant stock indices, such as the Dow Jones Industrial Average, surged by over 400 points during morning trading before undergoing a retracement.
Edward Moya, senior market analyst at OANDA, remarked, "Although a potential peak in the dollar could be on the horizon, the surge in gold prices could be hindered if Wall Street maintains its trend of investing in stocks."
The U.S. dollar index (DXY), which measures the strength of the dollar against major currencies, experienced a 0.1% uptick, reaching 102.58. Additionally, FactSet data indicated a 7 basis points increase in the yield of the 10-year Treasury note (BX:TMUBMUSD10Y), bringing it to 4.08%.
In the realm of inflation, the U.S. Consumer Price Index recorded a 3.2% surge in July compared to the previous year, an uptick from the 3% reported for the year through June. This marked the first rise in the headline rate in 13 months. However, the core annual rate, excluding food and energy costs, saw a decline from 4.8% to 4.7%, as confirmed by the Labor Department on Thursday.
XAUUSD
BUY LIMIT 1915 - 1913💯💯
✅ TP1: 1922
✅ TP2: 1928
🛑 SL: 1910
**Market Performance**
**Key Influences**
Initially, gold prices displayed an upward trajectory following the release of U.S. inflation data. However, these gains gradually eroded as significant stock indices, such as the Dow Jones Industrial Average, surged by over 400 points during morning trading before undergoing a retracement.
Edward Moya, senior market analyst at OANDA, remarked, "Although a potential peak in the dollar could be on the horizon, the surge in gold prices could be hindered if Wall Street maintains its trend of investing in stocks."
The U.S. dollar index (DXY), which measures the strength of the dollar against major currencies, experienced a 0.1% uptick, reaching 102.58. Additionally, FactSet data indicated a 7 basis points increase in the yield of the 10-year Treasury note (BX:TMUBMUSD10Y), bringing it to 4.08%.
In the realm of inflation, the U.S. Consumer Price Index recorded a 3.2% surge in July compared to the previous year, an uptick from the 3% reported for the year through June. This marked the first rise in the headline rate in 13 months. However, the core annual rate, excluding food and energy costs, saw a decline from 4.8% to 4.7%, as confirmed by the Labor Department on Thursday.
XAUUSD
BUY LIMIT 1915 - 1913💯💯 ✅ TP1: 1922
✅ TP2: 1928
🛑 SL: 1910
