{"id":35778,"date":"2023-07-14T17:24:36","date_gmt":"2023-07-14T21:24:36","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/gold-up-2nd-week-in-measured-rally-amid-benign-u-s-inflation\/"},"modified":"2023-07-14T17:24:38","modified_gmt":"2023-07-14T21:24:38","slug":"gold-up-2nd-week-in-measured-rally-amid-benign-u-s-inflation","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=35778","title":{"rendered":"Gold up 2nd week in \u2018measured rally,\u2019 amid benign U.S. inflation"},"content":{"rendered":"
\n

Investing.com — \u201cSteady as she goes\u201d: That\u2019s your gold market this week.<\/p>\n

Since benign inflation data over the past three days suggested the Federal Reserve might step back sooner than expected from using its rate cudgel, gold has practically tip-toed up \u2014 even as other commodities led by have blazed higher. , which normally takes its cue from gold, has also left its more lustrous cousin in the shadows with sharp gains this week.<\/p>\n

on New York\u2019s Comex settled at $1964.40 an ounce, up just 60 cents on the day. In the previous session it did a little better, rising $2 to strike a three-week high of $1,968.50 from a three-month bottom of $1,900.60 a week ago.<\/p>\n

The , which reflects physical trades in bullion and is more closely followed than futures by some traders, was at $1,960.17 by 14:52 ET (18:52 GMT), down 32 cents, or 0.2%.<\/p>\n

\u201cGold is practically stuck in a $30-range,\u201d said Sunil Kumar Dixit, chief technical strategist at SKCharting.com. \u201cThe top end of the range is $1,965 while the lower end is $1,935. If we get below $1,935, be prepared for another test of $1,900 or even lower.\u201d<\/p>\n

Craig Erlam, analyst at online trading platform OANDA, concurred.\u201cGold has stalled around $1,960 after surging in the aftermath of the U.S. inflation data earlier this week,\u201d said Erlam. \u201cNow it’s a question of whether what we’re seeing is a corrective move as part of the downturn since May or if that downturn was in fact the correction.\u201d<\/p>\n

In gold’s defense: not all inflation data is supportive\u00a0<\/h2>\n

Gold\u2019s ever-slow move higher in the face of the tumble to 15-month lows has surprised many. The yellow metal has been in such mode since the Labor Department reported on Wednesday that the , or CPI, grew by just 3% year-on-year in June versus a 40-year high of 9.1% a year ago. The , or PPI, which came on the heels of the CPI, was also lower than expected.<\/p>\n

Notwithstanding those, the University of Michigan said on Friday its closely-watched Consumer Sentiment survey showed the spending appetite of Americans at its highest in two years, a development economists said wouldn’t be too encouraging for the Fed, which wishes to see a greater retreat in inflation.<\/p>\n

All eyes are now on the Fed and what it will do to rates when its policy-makers sit again on July 26 to decide on rates. While the so-called Federal Open Market Committee of the Fed decided to pass on a hike last month, economists think in all likelihood it will vote for a this time, in keeping with its recent pace of hikes.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Investing.com — \u201cSteady as she goes\u201d: That\u2019s your gold market this week. Since benign inflation data over the past three days suggested the Federal Reserve might step back sooner than expected from using its rate cudgel, gold has practically tip-toed up \u2014 even as other commodities led by have blazed higher. , which normally takes […]<\/p>\n","protected":false},"author":1,"featured_media":3495,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[242],"tags":[83],"class_list":["post-35778","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-commodities","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nGold up 2nd week in \u2018measured rally,\u2019 amid benign U.S. inflation | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Investing.com -- \u201cSteady as she goes\u201d: That\u2019s your gold market this week. 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