{"id":38672,"date":"2023-07-21T10:44:03","date_gmt":"2023-07-21T14:44:03","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/gold-prices-turn-lower-for-the-week-as-investors-look-to-fed-meeting\/"},"modified":"2023-07-21T10:44:04","modified_gmt":"2023-07-21T14:44:04","slug":"gold-prices-turn-lower-for-the-week-as-investors-look-to-fed-meeting","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=38672","title":{"rendered":"Gold prices turn lower for the week as investors look to Fed meeting"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002305447\" role=\"document\">\n<p>Gold prices declined on Friday, looking to erase what had been a gain for the week, even as signs of ebbing  inflation in the U.S. and Europe, in particular, have helped boost precious metals prices this month on hopes central banks will moderate interest rate rises as a result.   <\/p>\n<h2>Price action<\/h2>\n<ul class=\"articleList\">\n<li>\n      Gold for August delivery<br \/>\n        GC00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210034565\/delayed\" class=\"negative\">-0.35%<\/bg-quote><\/p>\n<p>        GCQ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/229917075\/delayed\" class=\"negative\">-0.35%<\/bg-quote><br \/>\n       declined by $8.80, or 0.4%, to trade at $1,962.10 an ounce on Comex, with trading below the week-ago finish of $1,964.40.<\/p>\n<\/li>\n<li>\n      Silver for September delivery<br \/>\n        SI00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210315219\/delayed\" class=\"negative\">-0.29%<\/bg-quote><\/p>\n<p>        SIU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/230611017\/delayed\" class=\"negative\">-0.29%<\/bg-quote><br \/>\n       shed 13.2 cents, or 0.5%, to $24.83 per ounce.<\/p>\n<\/li>\n<li>\n      October platinum<br \/>\n        PLV23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/237284959\/delayed\" class=\"positive\">+0.02%<\/bg-quote><br \/>\n       rose $1, or 0.1%, to $965.10 per ounce, while September palladium<br \/>\n        PAU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/236560919\/delayed\" class=\"positive\">+0.21%<\/bg-quote><br \/>\n       rose by $5.70, or 0.5%, to $1,281 per ounce.<\/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\">-0.53%<\/bg-quote><br \/>\n      \u00a0declined by 2 cents, or 0.5%, to $3.815 per pound.<\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>Gold prices traded higher for the month, finding support since the release of the U.S. June inflation data earlier this month showing that consumer prices increased at the slowest pace since August 2021. That provided a sign that inflation is waning more quickly than Wall Street economists and perhaps even the Federal Reserve had expected. <\/p>\n<div class=\"paywall\">\n<p>For the month, prices based on the most-active contract have climbed about 1.6%, FactSet data show.<\/p>\n<p>Next week, investors will learn more about how the latest data are impacting the Fed\u2019s plans for raising interest rates when Chair Jerome Powell delivers his post-meeting press conference on Wednesday.<\/p>\n<p>\u201cBullion bulls have leapt in July on hopes that the Fed\u2019s next rate hike will be the last in this cycle,\u201d said Han Tan, chief market analyst at Exinity Group. \u201cIf the Fed lends credence to market expectations for no further rate hikes after this month,\u201d that may help bullion bulls reclaim the $2,000 handle on gold. <\/p>\n<p>However, \u201cif the Fed pours cold water on the notion that its rate hikes are coming to<br \/>an end, that could prompt bullion to unwind more of its recent gains and falter back into the lower-$1,900s,\u201d he told MarketWatch.<\/p>\n<p>Against that backdrop, the U.S. dollar was trading higher on Friday, adding to the pressure on gold. It was up 0.3% on the day at 101.17. <\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/gold-set-to-climb-for-2nd-straight-week-as-investors-look-to-fed-meeting-2c16171f?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold prices declined on Friday, looking to erase what had been a gain for the week, even as signs of ebbing inflation in the U.S. and Europe, in particular, have helped boost precious metals prices this month on hopes central banks will moderate interest rate rises as a result. Price action Gold for August delivery [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2098,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-38672","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Gold prices turn lower for the week as investors look to Fed meeting | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Gold prices declined on Friday, looking to erase what had been a gain for the week, even as signs of ebbing inflation in the U.S. and Europe, in\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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