{"id":20997,"date":"2023-06-10T18:41:42","date_gmt":"2023-06-10T22:41:42","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/gold-posts-a-weekly-gain-ahead-of-next-weeks-u-s-inflation-data-fed-decision\/"},"modified":"2023-06-10T18:41:43","modified_gmt":"2023-06-10T22:41:43","slug":"gold-posts-a-weekly-gain-ahead-of-next-weeks-u-s-inflation-data-fed-decision","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=20997","title":{"rendered":"Gold posts a weekly gain ahead of next week\u2019s U.S. inflation data, Fed decision"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002158336\" role=\"document\">\n<p>Gold prices settled lower on Friday, but held onto a modest gain for the week \u2014 their second in a row \u2014 on the back of overall weakness in the U.S. dollar.<\/p>\n<p>Traders looked to U.S. inflation data and the outcome of the Federal Reserve\u2019s monetary policy meeting, both due next week, as the catalysts for gold\u2019s next big move. <\/p>\n<div class=\"paywall\">\n<h2>Price action<\/h2>\n<ul class=\"articleList\">\n<li>\n      Gold futures for August delivery<br \/>\n        GC00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210034565\/delayed\" class=\"negative\">-0.08%<\/bg-quote><\/p>\n<p>        GCQ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/229917075\/delayed\" class=\"negative\">-0.08%<\/bg-quote><br \/>\n       fell $1.40, or nearly 0.1%, to settle at $1,977.20 per ounce on Comex, with prices based on the most-active contract up 0.4% for the week, according to Dow Jones Market Data.<\/p>\n<\/li>\n<li>\n      Silver futures for July delivery<br \/>\n        SI00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210315219\/delayed\" class=\"negative\">-0.06%<\/bg-quote><\/p>\n<p>        SIN23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210317649\/delayed\" class=\"negative\">-0.06%<\/bg-quote><br \/>\n       rose by 6 cents, or almost 0.3%, to $24.41 per ounce, with prices up 2.8% for the week.<\/p>\n<\/li>\n<li>\n      Palladium for September delivery<br \/>\n        PAU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/236560919\/delayed\" class=\"positive\">+0.86%<\/bg-quote><br \/>\n       declined by $53.50, or 3.9%, to $1,304.80 per ounce, ending down 7% for the week, while platinum for July delivery<br \/>\n        PLN23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/234960229\/delayed\" class=\"positive\">+0.04%<\/bg-quote><br \/>\n       fell by $1.10, or 0.1%, to $1,012.80 per ounce, with prices up 0.9% from the week-ago finish.  <\/p>\n<\/li>\n<li>\n      Copper for July delivery<br \/>\n        HGQ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/229170612\/delayed\" class=\"negative\">-0.41%<\/bg-quote><br \/>\n        shed 0.2% to settle at $3.79 per pound, tacking on nearly 1.7% for the week. <\/p>\n<\/li>\n<\/ul>\n<h2>What\u2019s happening?<\/h2>\n<p>The pullback in gold prices Friday was likely due to a combination of profit taking with concerns about the Fed\u2019s decision next week and next month on interest rates, as well as inflation numbers also due next week, said Adam Koos, president at Libertas Wealth Management Group. <\/p>\n<p>Investors are \u201cnervous,\u201d he said. \u201cOwners of the yellow metal don\u2019t want to see their portfolios implode because of a surprise Fed statement, so caution is the name of the game this next few trading days.\u201d<\/p>\n<p>Indeed, the metal\u2019s move comes ahead of a busy week with the Fed policy meeting and U.S. economic data.<\/p>\n<p>A reading of the consumer price index for May will be released Tuesday, while producer price index data come out Wednesday. The Fed Open Market Committee\u2019s two-day policy meeting will conclude Wednesday with a policy announcement. See the U.S. economic calendar<\/p>\n<p>\u201cAlthough markets widely expect the Fed to rates unchanged, a hot CPI report before the decision on Wednesday could strengthen hawks, leading to a potential surprise,\u201d   Lukman Otunuga, manager, market analysis at FXTM, told MarketWatch.<\/p>\n<p>U.S. \u00a0weekly jobless claims spiked higher to levels not seen since October 2021, according to data from the Labor Department released Thursday. That raised expectations around the Fed pausing interest-rate hikes \u201cdown the road,\u201d said Otunuga. Nevertheless, the precious metal is likely to remain \u201ctrapped within a range\u201d ahead of the U.S. inflation data and Fed decision. <\/p>\n<p>Chintan Karnani, director of research at Insignia Consultants, expects gold prices to rise if the CPI and PPI readings are lower, as that would suggest a Fed pause in rate hikes. He believes the FOMC meeting \u201cwill be relevant only if inflation comes in higher.\u00a0<\/p>\n<p>Still, for the week, dollar-denominated gold got a boost from an overall decline in the U.S. dollar, with the ICE U.S. Dollar Index<br \/>\n        DXY,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210598269\/delayed\" class=\"positive\">+0.20%<\/bg-quote><span>,<\/span><br \/>\n       a closely watched gauge of the dollar\u2019s strength against major currencies, trading at 103.54 in Friday dealings, up 0.2% for the session, but down 0.5% for the week. <\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/gold-on-track-to-log-weekly-gain-as-u-s-dollar-slips-665d516d?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold prices settled lower on Friday, but held onto a modest gain for the week \u2014 their second in a row \u2014 on the back of overall weakness in the U.S. dollar. Traders looked to U.S. inflation data and the outcome of the Federal Reserve\u2019s monetary policy meeting, both due next week, as the catalysts [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1606,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-20997","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Gold posts a weekly gain ahead of next week\u2019s U.S. inflation data, Fed decision | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Gold prices settled lower on Friday, but held onto a modest gain for the week \u2014 their second in a row \u2014 on the back of overall weakness in the U.S.\" \/>\n<meta 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