{"id":124766,"date":"2024-06-12T09:14:02","date_gmt":"2024-06-12T09:14:02","guid":{"rendered":"https:\/\/kinesis.money\/?p=124766"},"modified":"2024-06-12T09:14:02","modified_gmt":"2024-06-12T09:14:02","slug":"gold-ticks-higher-us-inflation","status":"publish","type":"post","link":"https:\/\/kinesis.money\/it\/market-analysis\/gold-news\/gold-ticks-higher-us-inflation\/","title":{"rendered":"Gold Price News: Gold Ticks Higher Ahead of US Inflation Figures"},"content":{"rendered":"\n

Gold prices edged higher on Tuesday, posting modest day-on-day gains, as the markets looked ahead to the release of macroeconomic data on Wednesday for renewed direction.<\/p>\n\n\n\n

Prices rose as high as $2,320 an ounce<\/a> on Tuesday, compared with around $2,310 an ounce in late trades on Monday.<\/p>\n\n\n\n

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KAU\/USD 1-hourly Kinesis Exchange<\/figcaption><\/figure>\n\n\n\n

The relative price stability this week followed a dramatic price drop from as high as $2,388 an ounce last Friday after news reports said China\u2019s central bank had stopped buying gold in May, breaking an 18-month streak of monthly purchases.<\/p>\n\n\n\n

The latest action leaves gold prices some way short of their all-time high of just over $2,450 an ounce seen on May 20.<\/p>\n\n\n\n

The markets were left speculating over the PBoC\u2019s next move and what price level would encourage a resumption of purchases for its official gold holdings, with some suggesting a drop to $2,200 an ounce could reignite regular buying.<\/p>\n\n\n\n

Current heightened geopolitical tensions around the world have combined with political uncertainty due to upcoming elections in several countries, and these factors have contributed to gold\u2019s strength along with central bank buying in recent months.<\/p>\n\n\n\n

Looking ahead, the markets will be watching out for Wednesday\u2019s US inflation figures for May, as well as an expected interest rate decision by the US Fed, which is widely expected to involve keeping the current rate of 5.5% on hold for the time being.<\/p>\n\n\n\n

Then Thursday will see the release of US Producer Price Inflation numbers for a further update on price rises, as the markets try to gauge the timing of possible interest rate cuts by the US Fed in the autumn.<\/p>\n\n\n\t\t\t

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Frank\u2019s experience covering the commodities markets spans 22 years, with a particular specialism in metals, carbon and energy markets.\u00a0<\/em>He has worked as a senior editor for S&P Global Commodity Insights\u00a0(formerly Platts) and before this, at ICIS-LOR, a part of Reed Business Information (Reed Elsevier), where he covered the petrochemicals markets from 2003 to 2005.<\/em><\/p>\n

This publication is for informational purposes only and is not intended to be a solicitation, offering or recommendation of any security, commodity, derivative, investment management service or advisory service and is not commodity trading advice. This publication does not intend to provide investment, tax or legal advice on either a general or specific basis.<\/i>
\n<\/i><\/p>\n

Read our Editorial Guidelines\u00a0<\/i>here.<\/a><\/i><\/p>\n\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/section>\n\t","protected":false},"excerpt":{"rendered":"

The relative price stability this week followed a dramatic price drop from as high as $2,388 an ounce last Friday after news reports said China\u2019s central bank had stopped buying gold in May, breaking an 18-month streak of monthly purchases.<\/p>\n","protected":false},"author":50,"featured_media":124793,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":true,"footnotes":""},"categories":[215,91],"tags":[],"class_list":["post-124766","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-gold-news","category-market-analysis"],"acf":[],"yoast_head":"\nGold Ticks Higher Ahead of US Inflation Figures | Kinesis<\/title>\n<meta name=\"description\" content=\"Discover Kinesis' gold news analysis for today, Wednesday 12th of June 2024, from leading precious metals analyst Frank Watson.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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