Gold Steady Amidst Awaited U.S. Inflation Data and Fed Uncertain
On Tuesday, the price of gold remained relatively stable at around $1,920 per ounce as investors adopted a cautious stance in anticipation of crucial U.S. inflation reports that could impact the future trajectory of interest rates.
The upcoming U.S. consumer inflation report is scheduled for release on Wednesday, followed by the producer inflation report on Thursday. The general expectation is that the Federal Reserve will keep interest rates unchanged at its next meeting, although there is a growing inclination toward another rate hike in November.
Notably, gold has recently received support due to a weakening U.S. dollar. The Wall Street Journal reported over the weekend that Federal Reserve officials are becoming less certain about the necessity of further rate increases.
In addition to the dollar's retreat, the Japanese yen gained ground against the greenback, prompted by remarks from Bank of Japan Governor Kazuo Ueda, hinting at a potential end to their negative interest rate policy.
GOLD SELL LIMIT 1926 - 1928 🔽🔽
🟢TP: 1923
🟢TP: 1920
🔴SL: 1932
The upcoming U.S. consumer inflation report is scheduled for release on Wednesday, followed by the producer inflation report on Thursday. The general expectation is that the Federal Reserve will keep interest rates unchanged at its next meeting, although there is a growing inclination toward another rate hike in November.
Notably, gold has recently received support due to a weakening U.S. dollar. The Wall Street Journal reported over the weekend that Federal Reserve officials are becoming less certain about the necessity of further rate increases.
In addition to the dollar's retreat, the Japanese yen gained ground against the greenback, prompted by remarks from Bank of Japan Governor Kazuo Ueda, hinting at a potential end to their negative interest rate policy.
GOLD SELL LIMIT 1926 - 1928 🔽🔽🟢TP: 1923
🟢TP: 1920
🔴SL: 1932
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