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Gold Rebounds As Core Inflation Rate Drops To 4.7%

August 10, 2023
in Business
Gold Rebounds As Core Inflation Rate Drops To 4.7%
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Gold

Key Insights

Core Inflation Rate declined from 4.8% in June to 4.7% in July, while Inflation Rate increased from 3% to 3.2%. 
Gold made an attempt to settle above the $1930 level as traders focused on U.S. dollar’s pullback. 
Silver did not manage to gain upside momentum after the release of inflation reports. 

On August 10, U.S. released inflation reports for July. The reports indicated that Inflation Rate increased from 3% in June to 3.2% in July, compared to analyst consensus of 3.3%. Core Inflation Rate decreased from 4.8% to 4.7%, while analysts believed that it would remain unchanged at 4.7%.

At this point, the Core Inflation Rate data is more important for markets. The surprising decline of the Core Inflation Rate shows that Fed’s rate hikes put material pressure on prices.

U.S. Dollar Index moved below the 102.00 level after the release of inflation reports as traders bet on a less hawkish Fed. Treasury yields have also moved lower, although this move was not strong.

Falling yields and weaker dollar provided material support to gold markets. Currently, gold is trying to settle above the $1930 level. Dollar’s rebound from July lows put material pressure on gold markets, so the potential pullback of the American currency may serve as a significant positive catalyst for gold prices.

Meanwhile, silver made an attempt to settle above the $23.00 level but lost momentum and pulled back towards the $22.70 level. Rising gold/silver ratio continues to put pressure on silver.

For a look at all of today’s economic events, check out our economic calendar.

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Copyright for syndicated content belongs to the linked Source : FXEmpire – https://www.fxempire.com/news/article/gold-rebounds-as-core-inflation-rate-drops-to-4-7-1367169

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