GOLD increased about 1%, the third consecutive week of increase
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World gold prices decreased but still maintained the 2,400 USD/oz mark in the trading session on Friday (July 12) and completed the third consecutive week of increase thanks to expectations that the US Federal Reserve (Fed) will soon interest rate cuts. Some experts predict that gold prices could re-establish an all-time record in the next few days.
This week, world gold prices increased by about 1%, marking the third consecutive week of increase. On Thursday, gold prices reached their highest level in 6 weeks, thanks to motivation from a statistical report showing that the US consumer price index (CPI) in June unexpectedly decreased. The data reinforces the view that the downward trend in US inflation has resumed and increases the likelihood that the Fed will begin cutting interest rates in September.
A report from the US Department of Labor on Friday showed that PPI - a measure of wholesale inflation - increased 0.2% in June compared to the previous month, higher than the 0.1% increase forecast by economists. reported in a survey by Reuters news agency. In May, this index moved sideways compared to April.
However, the above report basically did not change interest rate expectations. Data from CME's FedWatch Tool shows that traders still bet on a more than 93% chance of the Fed lowering interest rates in September.
The world's largest gold exchange-traded fund (ETF) SPDR Gold Trust had its second consecutive week of net gold purchases this week, but the net purchase amount only reached 0.3 tons of gold. Data from the fund's website shows that at the end of Friday, this fund was holding approximately 835.1 tons of gold.
The prospect of lower interest rates has put downward pressure on the USD this week, causing the Dollar Index to fall 0.34% on Friday, closing the week at 104.08 points - according to data from MarketWatch. For the whole week, this index decreased by 0.75%, bringing the total decrease in the past month to nearly 1.4%.
This week, world gold prices increased by about 1%, marking the third consecutive week of increase. On Thursday, gold prices reached their highest level in 6 weeks, thanks to motivation from a statistical report showing that the US consumer price index (CPI) in June unexpectedly decreased. The data reinforces the view that the downward trend in US inflation has resumed and increases the likelihood that the Fed will begin cutting interest rates in September.
A report from the US Department of Labor on Friday showed that PPI - a measure of wholesale inflation - increased 0.2% in June compared to the previous month, higher than the 0.1% increase forecast by economists. reported in a survey by Reuters news agency. In May, this index moved sideways compared to April.
However, the above report basically did not change interest rate expectations. Data from CME's FedWatch Tool shows that traders still bet on a more than 93% chance of the Fed lowering interest rates in September.
The world's largest gold exchange-traded fund (ETF) SPDR Gold Trust had its second consecutive week of net gold purchases this week, but the net purchase amount only reached 0.3 tons of gold. Data from the fund's website shows that at the end of Friday, this fund was holding approximately 835.1 tons of gold.
The prospect of lower interest rates has put downward pressure on the USD this week, causing the Dollar Index to fall 0.34% on Friday, closing the week at 104.08 points - according to data from MarketWatch. For the whole week, this index decreased by 0.75%, bringing the total decrease in the past month to nearly 1.4%.
Note
Gold prices fell slightly in early Asian trading on Monday, remaining at record highs but demand for safe-haven assets did not increase following the assassination attempt on former US President Donald Trump.Note
🟡Gold prices decline coinciding with increasing US political uncertaintyGold metal prices fell during the first trading of the week, and for the second session in a row, as a result of the rise in the US dollar along with the weakness of Chinese demand for gold, with global markets awaiting the statements of US Federal Reserve Governor Jerome Powell later in the day.
Note
Gold prices rose on Monday (July 15), fluctuating near the highest level in more than a month recorded last week, supported by hopes of lower interest rates from the US Federal Reserve (Fed). Investors wait for more comments from Fed officials to evaluate the timing of interest rate cuts.Note
🟥GOLD HEADS FOR RECORD HIGH CLOSE ON VIEW THAT FED IS POISED TO CUT RATESGold prices advanced Tuesday, on track for a record close as rising expectations of a September interest rate cut bolstered demand for bullion.
Spot gold gained 0.7% to $2,438.83 per ounce. Gold futures advanced 0.6% to $2,443.80. Earlier in the day, futures hit a high of $2,448.2, the best level since May 20 when it traded for as much as $2,454.20.
Note
🟢TRUMP WARNS THE US FEDERAL RESERVE GOVERNOR AGAINST CUTTING INTEREST RATES BEFORE THE ELECTIONS!Donald Trump, the Republican presidential candidate for the US presidency, during an interview with Bloomberg Businessweek, yesterday evening, Tuesday, warned Federal Reserve Governor Powell against lowering interest rates before the elections.
Note
🔻The current US President, Joe Biden, is stumbling on his way to the White House for a serious term, with a counter-campaign not only from his rival, Republican candidate Donald Trump, but also from his family in the Democratic Party, as calls for his withdrawal are increasing.Note
🟥Gold shines on expectations of interest cuts... and expectations of breaching this levelGlobal gold prices rose during these moments of trading, today, Thursday, to be trading not far from the record high level recorded in the previous session, as increasing expectations of a reduction in US interest rates in September led to an increase in demand for non-yielding bullion.
Note
🟢US Federal Reserve Member Goolsbee: The inflation mission is not over yet!The statements of the US Federal Reserve member in Chicago, Austin Goolsby, today, Thursday, addressed the following points:
🟢I feel much better after several months of improvement in the CPI, but the job of inflation is far from over.
🟢It is very clear that inflation has fallen a lot in the past 12 to 18 months, and that is the same rate as inflation has fallen at all times.
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