Ounce gold price started to rise as the US inflation data announced this week came below expectations. Investors, pricing that the FED will end interest rate hikes sooner, flocked to the precious metal. Ounce gold is preparing to leave behind the week in which it provided the highest return since April in the light of expectations.
Starting the week flat at $1,925, ounce of gold blinked to $1,963 the day after the US data. The precious metal is trading around $1,959 on the last morning of the week.
If the week is closed at this figure, the ounce will gain 1.74% in 5 days. The precious metal gave its investors a return at this rate in the first corner of April for the last time in a week.
Ounce Gold Rises, Dollar Loses Blood!
Important macroeconomic data announced in the United States of America led to an increase in the risk appetite of investors. Consumer inflation, announced on Tuesday, continued to decline, while producer prices remained in line with expectations. Unemployment salary application figures, on the other hand, revealed that the labor market remained tight. Rising risk appetite has caused the prices of stock markets, cryptocurrencies and commodities to rise. During the week, the dollar index lost blood.
The US dollar, which depreciated against other major currencies, experienced the biggest weekly decline in the last 8 months. The dollar index moved down 2.44% during the week.
Investors, taking this data into account, had an expectation that the FED would loosen interest rates sooner. However, according to the data, most respondents expect rates to rise at the next FOMC meeting.
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