Gold loses some luster; hawkish Fed overshadows Weaker inflation

 

Gold loses some luster; hawkish Fed overshadows Weaker inflation

Gold loses a little shine

Investing.com -on Friday, the price of gold was lower. Hawkish comments on future interest rates from the Fed outweighed optimism about signs of slowing inflation in the US.

As of 10: 17 EST, the price of gold fell by 0.1% and was traded in the United States.1,788.13 per ounce, while gold futures on the Comex section of the New York Stock Exchange NYMEX were trading at around USD. 1.803, 50. However, spot gold and gold futures contracts are expected to end the trading week with insignificant growth.

However, the comments of Fed representatives about the continued tightening of monetary policy created uncertainty among investors.

Standard interest rates in the US are currently between 2.25 % and 2.5%.

The latest US producer price inflation data for July shows a slight slowdown. The same applies to consumer price inflation in the United States. At the beginning of the year, both inflationary barometers grew significantly.

Although the publication of the two data points led to a weakening of the dollar index, investors are still unsure of the future course of US monetary policy this year. This is also reflected in government bond yields, which fell sharply this week and then rebounded.

Prices for other precious metals reflect this trend. Platinum futures were down 0.6 per cent and silver was down 0.4 per cent.

Although copper showed a small weekly growth due to the weakening of the dollar, it still faces risks associated with a slowdown in growth in China, the main importer.