The Price Of Gold At More Than 1900 USD Per Ounce
On Friday 13.01.2023 gold prices reached an eight-month high, surpassing the crucial $1,900 mark, as a decrease in US inflation increased the likelihood of a slower pace of interest rate hikes from the Federal Reserve.
Spot gold increased by 0.9% to $1,914.42 per ounce, reaching its highest point since April 2022. Similarly, U.S. gold futures rose by 0.9% to $1,916.20 per ounce at the close of trading.
The US dollar weakened following the inflation report and is on track for its worst week in over a month, making gold less expensive for holders of other currencies.
Data from Thursday 12.01.2023 revealed that consumer prices in the US dropped for the first time in over 2.5 years in December.
Phillip Streible, chief market strategist at Blue Line Futures in Chicago, stated that gold and other markets are experiencing a temporary setback following the previous day’s strong performance in the Consumer Price Index (CPI).
As a result of the release of this data, Fed policymakers expressed relief that inflation had continued to decrease in December. This paves the way for the possibility of a quarter-point reduction in interest rate increases during the next policy meeting in February.
