Today is considered to be very important for gold, which is highly affected by the data from the USA. An ounce of gold is trading at $1,770 with a slight pullback. Gram gold is 793 liras. So, what development will change these prices today? Here are the details…
Gold awaits US inflation data, experts say
cryptocoin.com As noted by many experts whose analyzes we have shared, the economic data in the USA can direct the movements in the gold price. In particular, the rise in inflation is thought to be critical for gold prices. The US Federal Reserve’s interest rate decisions can also affect the precious metals market, because the rate hike is done to provide a change in inflation. The Fed has indicated that it intends to increase interest rates soon. Therefore, precious metals investors began to worry.
So, what’s the data coming from the USA today? It is thought that precious metal prices may change with the inflation data from the USA. The US central bank will announce the inflation figure at 16:30 Turkish time. The US CPI data was 6.2 percent annually and 0.9 percent on a monthly basis in October. Inflation expectations for the past month among experts rose to 6.8 percent. On a monthly basis, it is thought that there may be an increase of 0.7 percent. Expectations that the Fed will raise interest rates in order to rein in inflation are also quite strong. It is thought that this situation may suppress gold. Meanwhile, the ounce price of gold has receded from $1,785, which it reached two days ago, and is around $1,770.
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