{"id":36230,"date":"2023-07-15T23:04:29","date_gmt":"2023-07-16T03:04:29","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/gold-prices-notch-their-best-week-since-april-after-u-s-inflation-reports\/"},"modified":"2023-07-15T23:04:30","modified_gmt":"2023-07-16T03:04:30","slug":"gold-prices-notch-their-best-week-since-april-after-u-s-inflation-reports","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=36230","title":{"rendered":"Gold prices notch their best week since April after U.S. inflation reports"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002278033\" role=\"document\">\n<p>Gold futures marked a fourth straight session climb on Friday, with prices posting their best week since April, after a batch of encouraging U.S. inflation data helped drag the dollar to its lowest level in more than a year. <\/p>\n<h2>Price action<\/h2>\n<ul class=\"articleList\">\n<li>\n      Gold futures for August delivery\u00a0<br \/>\n        GC00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210034565\/delayed\" class=\"negative\">-0.26%<\/bg-quote><\/p>\n<p>        GCQ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/229917075\/delayed\" class=\"negative\">-0.26%<\/bg-quote><br \/>\n       added 60 cents, or less than 0.1%, to settle at $1,964.40 per ounce on Comex. Prices for the most-active contract ended about 1.7% higher for the week, according to Dow Jones Market Data. That was the strongest weekly rise since the week ended April 6. <\/p>\n<\/li>\n<li>\n      Silver futures for September<br \/>\n        SI00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210315219\/delayed\" class=\"negative\">-0.13%<\/bg-quote><\/p>\n<p>        SIU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/230611017\/delayed\" class=\"negative\">-0.13%<\/bg-quote><br \/>\n       gained 24 cents, or 1%, to $25.19 per ounce, settling 8.2% higher for the week \u2014 their biggest weekly rise since the week ended March 17. <\/p>\n<\/li>\n<li>\n      Palladium futures for September<br \/>\n        PAU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/236560919\/delayed\" class=\"positive\">+0.09%<\/bg-quote><br \/>\n       fell by $25.40, or 2%, to $1,266.40 per ounce, with prices up 1.7% for the week, while platinum futures for October<br \/>\n        PLV23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/237284959\/delayed\" class=\"negative\">-0.22%<\/bg-quote><br \/>\n       rose 90 cents, or 0.1%, to $984.30 per ounce, tallying a gain of 7.2% for the week.  <\/p>\n<\/li>\n<li>\n      September copper<br \/>\n        HGU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210058691\/delayed\" class=\"negative\">-0.23%<\/bg-quote><br \/>\n       fell by a cent, or 0.2%, to $3.93 per pound. It gained 4% for the week.<\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>Gold prices were slightly higher Friday dealings a day after settling at their highest since mid-June as Wednesday\u2019s June consumer price index inflation report, and Thursday\u2019s June producer price index report, offered the most convincing evidence yet that inflation in the U.S. is starting to ease. <\/p>\n<div class=\"paywall\">\n<p>\u201cLower inflation used to be, in a sane world, bearish for gold,\u201d wrote Brien Lundin, editor of Gold Newsletter. \u201cThese days, because falling inflation promotes a more dovish [Federal Reserve], it\u2019s bullish\u201d for asset classes such as gold.<\/p>\n<p>The data showed consumer prices rose by 0.2% last month, the smallest increase since August 2021. wholesale prices rose a meek 0.1% in June and no longer appear to be going up.<\/p>\n<p>The inflation data helped weigh on the U.S. dollar, which added to the tailwinds for gold, since a weaker dollar makes gold, which is priced in dollars, less expensive for buyers using other currencies. 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\">+0.19%<\/bg-quote><span>,<\/span><br \/>\n       a gauge of the dollar against its main rivals, rose 0.2% at 99.916 in Friday dealings, but has lost more than 2% this week after falling Thursday to its lowest since April 2022. <\/p>\n<div data-layout=\"inline\n                \" data-layout-mobile=\"\" class=\"\n          media-object\n          type-InsetPullQuote\n            inline\n    scope-web|mobileapps\n  article__inset\n          article__inset--type-InsetPullQuote\n            article__inset--inline\n  \"><\/p>\n<div class=\"wsj-article-pullquote article__inset__pullquote \">\n<p class=\"pullquote-content article__inset__pullquote__quote\">\n        <span class=\"l-qt article__inset__pullquote__mark--left\">\u201c<\/span>Gold is \u201ctaking delight in the fact that its main nemesis, the U.S. dollar,  has weakened substantially following the evident slowdown in U.S. inflation.\u201d <span class=\"r-qt article__inset__pullquote__mark--right\">\u201d<\/span>\n      <\/p>\n<p>        <small><br \/>\n          <span class=\"inset-author article__inset__pullquote__author\">\u2014 Han Tan, Exinity Group<\/span><br \/>\n        <\/small><\/p><\/div>\n<\/p><\/div>\n<p>Gold is \u201ctaking delight in the fact that its main nemesis, the U.S. dollar,  has weakened substantially following the evident slowdown in U.S. inflation,\u201d said Han Tan, chief market analyst at Exinity Group.<\/p>\n<p>The \u201czero-yielding precious metal is clearly basking in hopes that the [Federal Reserve] rate hike due later this month might be the final move of a series that began in March 2022,\u201d he told MarketWatch.<\/p>\n<p>Should the Fed all but confirm that a July interest rate hike would be its last in this cycle, that may lift spot gold back closer to the psychologically-important $2,000 mark by month\u2019s end,\u201d said Tan. <\/p>\n<p>Still, \u201cif the rhetoric out of the late-July FOMC meeting dashes hopes that peak rates is close at hand, that may prompt gold to unwind some of its recent gains, unless markets still harbour enough willpower in the interim to continue fighting the Fed,\u201d he said.<\/p>\n<p><strong>Also see:<\/strong> El Ni\u00f1o has potential to disrupt the outlook for sugar, rice and other consumer staples<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/gold-headed-for-best-week-since-march-after-u-s-inflation-reports-e8253a75?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold futures marked a fourth straight session climb on Friday, with prices posting their best week since April, after a batch of encouraging U.S. inflation data helped drag the dollar to its lowest level in more than a year. Price action Gold futures for August delivery\u00a0 GC00, -0.26% GCQ23, -0.26% added 60 cents, or less [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2098,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-36230","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 prices notch their best week since April after U.S. inflation reports | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Gold futures marked a fourth straight session climb on Friday, with prices posting their best week since April, after a batch of encouraging U.S.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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