He gold price upload this thursday july 13 to its highest level in about a month thanks to weakness of the dollar, after the data inflation in the US, investors’ hopes increased that the Federal Reserve will soon finish tightening its monetary policy.
Spot gold rose 0.1% to $1,958.99 an ounce, its highest level since June 16. US gold futures also climb 0.1% or u$s2.5 up to u$s1,964.35.
The dollar is trading at its lowest level in more than a year, making bullion more affordable for holders of other currencies. Yields on benchmark US Treasury bonds are also at their lowest level in more than a week, reducing the opportunity cost of holding gold, which does not yield interest.
With two weeks to go before the next meeting of the Federal Reserve and with data showing less job creation and a slowdown in inflation in June, there are expectations that the next rate hike could be the last, said Carlo Alberto De Casa, an outside analyst at Kinesis Money.
Gold: what to expect for the next few days
US consumer prices rose modestly in Juneregistering its smallest annual increase in more than two years, while inflation continued to decline.
Thursday, Investors’ attention focused on initial jobless claims data of the week until July 8 –which are expected to return a figure of 250,000, up from 248,000 the previous week– and in the data of the producer price index for June.
In addition, the markets will analyze the statements of the governor of the Fed, Christopher Waller, to calibrate the tone of the central bank on the tightening of monetary policy.
Among other precious metals, the silver Spot is up 0.5% at $24.27 an ounce, platinum is up 1.7% at $962.25 and palladium is up 1.1% at $296.92.
The rise in the price of gold it is a sign that investors are seeking refuge in the precious metal due to the current economic uncertainty. The weak dollar is also helping the metal as it makes gold more affordable for investors holding other currencies.
Source: Ambito
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