24.09.2022
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Gold prices fluctuate after US inflation data

MOSCOW, August 10 – PRIME. The price of gold fluctuates on Wednesday, helped by data on the slowdown in consumer prices in the US more than expected, according to trading data.

Goldman Sachs downgrades gold price forecasts

As of 17.33 Moscow time, the December futures price for gold on the New York Comex exchange increased by 0.2% to $1,816 per troy ounce. Minutes earlier, gold was marginally cheaper. September silver futures rose 1.46% to $20.782 an ounce.

Earlier on Wednesday, statistics on annual US inflation in July was published – it slowed down to 8.5% from 9.1%, while analysts predicted a slowdown to 8.7%.

On the one hand, the slowdown in inflation caused the dollar index to fall, which contributed to the growth in the price of gold. The dollar index (the exchange rate against a basket of currencies of six countries – US trading partners) decreased by 1.36%, to 104.93 points.

On the other hand, a slowdown in inflation faster than expected causes an increase in demand for risky assets and a drop in demand for more reliable ones (in particular, for gold). American stock indices are growing by 1.5-2% at the opening of trading in the US, European markets are also traded in positive territory.

Source: 1prime

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