XAUUSD: Gold will grow strongly in the last 6 months of the year
World gold price moved sideways around 2,306 USD/ounce after falling sharply yesterday session. The gold market is under pressure as recent US economic data shows that the Fed will only have one interest rate cut this year. However, some economists note that the possibility of two interest rate cuts is still possible.
According to data from the US Department of Labor, in May, the US core CPI index increased by 3.3% over the same period last year and increased by 0.2% over the previous month, both figures are lower than the previous month. compared to forecasts and decreased slightly compared to April. This shows that inflation in the US cooled faster than expected, and at the same time put pressure on the US dollar. After the report, the USD plummeted with the Dollar Index falling from 105.08 points to 104.2 points. Silver and platinum prices also skyrocketed afterward.
According to data from the US Department of Labor, in May, the US core CPI index increased by 3.3% over the same period last year and increased by 0.2% over the previous month, both figures are lower than the previous month. compared to forecasts and decreased slightly compared to April. This shows that inflation in the US cooled faster than expected, and at the same time put pressure on the US dollar. After the report, the USD plummeted with the Dollar Index falling from 105.08 points to 104.2 points. Silver and platinum prices also skyrocketed afterward.
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