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Gold prices rise ahead of US inflation data

Gold prices

Washington D.C., (Business News Report)|| Gold prices rose in spot trading, to record the level of $1,851.9 an ounce, ahead of US inflation data.

The rise in gold prices came after falling to the level of $1,830 in the early morning hours, Wednesday.

Spot gold prices rose by 0.74% to record $1,851.91 an ounce, while gold contracts recorded $1,850.69 an ounce, an increase of 0.55%.

Silver is gaining 1.85% to trade at $21.816. The 10-year US Treasury yield is still down 2.22% and with it the US Dollar Index dropping by 0.44%.

Gold prices fell in trading Wednesday morning in Asia, reaching its lowest level since February 11, as investors awaited data on the rise in the dollar and inflation.

Gold futures were also down 0.22% at $1,836.96 by 11:06 PM ET (3:06 AM GMT).

The dollar, which usually moves in reverse with gold, was down a bit on Wednesday morning, but the moves were small. The tight anti-inflation policy of the US Federal Reserve fueled the dollar for five weeks.

The Fed also raised interest rates to 1% last week. On Tuesday, Fed officials reiterated their stance on aggressive efforts to slow the fastest inflation in 40 years.

“I know that families all across America are hurting because of inflation,” US President Joe Biden said in a speech a day before the release of the Consumer Price Index.

“I want every American to know that I am taking inflation very seriously and it is my top domestic priority.”

As investors anticipate additional increases of the same size from the Fed, they are waiting for the US core CPI, due later in the day, for more clues about the Fed’s monetary policies.

While forecasts prepared by Investing.com expected the figure to be moderate but still above 8%.

In the Asia Pacific region, Australian consumer confidence released on Wednesday fell 5.6% in May compared to April, according to the Westpac-Melbourne Institute Index. High inflation and high interest rates are weighing on household spending.

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