Gold Hits a Fresh Milestone as Rate Bets Shift đ„
Gold briefly climbed to its highest level in more than two months before pulling back Thursday. Spot prices were down about 0.5% at $4,383.53 an ounce, but the metal is still up more than 8% this month.
$XAUT
The move comes after U.S. inflation data showed consumer prices rose 3.4% year over year in July, matching expectations. That helped cool expectations for another Federal Reserve rate hike and gave gold another boost.
Now traders are turning to the next inflation signal: producer prices. A softer reading could reinforce the case for less restrictive monetary policy, while a hotter number could quickly test goldâs recent momentum.
Silver also slipped around 0.3% on Thursday, showing the pullback isn't limited to gold.
The interesting part? Gold is consolidating near elevated levels rather than giving back the entire inflation-driven rally. đ
$XAU
$XAG
Gold briefly climbed to its highest level in more than two months before pulling back Thursday. Spot prices were down about 0.5% at $4,383.53 an ounce, but the metal is still up more than 8% this month.
$XAUT
The move comes after U.S. inflation data showed consumer prices rose 3.4% year over year in July, matching expectations. That helped cool expectations for another Federal Reserve rate hike and gave gold another boost.
Now traders are turning to the next inflation signal: producer prices. A softer reading could reinforce the case for less restrictive monetary policy, while a hotter number could quickly test goldâs recent momentum.
Silver also slipped around 0.3% on Thursday, showing the pullback isn't limited to gold.
The interesting part? Gold is consolidating near elevated levels rather than giving back the entire inflation-driven rally. đ
$XAU
$XAG