{"id":42194,"date":"2023-07-30T05:54:20","date_gmt":"2023-07-30T09:54:20","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/gold-prices-end-higher-as-dollar-softens-after-data-shows-u-s-inflation-easing\/"},"modified":"2023-07-30T05:54:22","modified_gmt":"2023-07-30T09:54:22","slug":"gold-prices-end-higher-as-dollar-softens-after-data-shows-u-s-inflation-easing","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=42194","title":{"rendered":"Gold prices end higher as dollar softens after data shows U.S. inflation easing"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002336949\" role=\"document\">\n<p>Gold futures settled higher on Friday, as the U.S. dollar softened following the Bank of Japan\u2019s decision to tweak its monetary policy framework, and as a\u00a0measure\u00a0of U.S. consumer prices that is closely\u00a0monitored\u00a0by the\u00a0Federal Reserve showed that the pace of price increases slowed last month.  <\/p>\n<h2>Price action<\/h2>\n<ul class=\"articleList\">\n<li>\n      Gold for December 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>        GCZ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210039381\/delayed\" class=\"negative\">-0.09%<\/bg-quote><br \/>\n       increased by $14.70, or 0.7%, to settle at $1,999.90 per ounce on Comex, with prices down nearly 0.3% for the week, according to Dow Jones Market Data.<\/p>\n<\/li>\n<li>\n      Silver futures for September delivery<br \/>\n        SI00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210315219\/delayed\" class=\"negative\">-0.08%<\/bg-quote><\/p>\n<p>        SIU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/230611017\/delayed\" class=\"negative\">-0.08%<\/bg-quote><br \/>\n       gained 13 cents, or 0.5%, to end at $24.50 per ounce, posting a weekly decline of 1.5%.<\/p>\n<\/li>\n<li>\n      October platinum<br \/>\n        PL00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210261555\/delayed\" class=\"positive\">+0.02%<\/bg-quote><\/p>\n<p>        PLV23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/237284959\/delayed\" class=\"positive\">+0.02%<\/bg-quote><br \/>\n       dropped $1.30, or 0.1%, to finish at $943.70 per ounce, losing 2.9% for the week, while palladium for September delivery<br \/>\n        PA00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210237962\/delayed\" class=\"positive\">+0.15%<\/bg-quote><\/p>\n<p>        PAU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/236560919\/delayed\" class=\"positive\">+0.15%<\/bg-quote><br \/>\n       gained by $3, or 0.2%, to settle at $1,239.60 per ounce and booked a weekly decline of 3.7%. <\/p>\n<\/li>\n<li>\n      Copper for September delivery<br \/>\n        HG00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210054311\/delayed\" class=\"positive\">+0.17%<\/bg-quote><\/p>\n<p>        HGU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210058691\/delayed\" class=\"positive\">+0.17%<\/bg-quote><br \/>\n       was up 5 cents, or 1.3%, settling at $3.93\u00a0per pound. For the week, the copper jumped 2.8%. <\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>A stronger U.S. dollar and higher Treasury yields helped weigh on gold prices earlier in the week as the Federal Reserve and European Central Bank announced their latest interest-rate hikes. <\/p>\n<div class=\"paywall\">\n<p>But the yellow metal found some respite to finish the session higher on Friday as futures prices bounced off the $1,940-per-ounce level after the personal consumption expenditures price index showed U.S. inflation eased 0.2% in June, compared with May\u2019s increase of 0.3%. <\/p>\n<p>The rate of core inflation, which omits volatile food and energy prices, rose 4.1% in the last 12 months, down sharply from May\u2019s 4.6% increase, but that still puts it at a more than two-year low. It\u2019s still far above the Fed\u2019s 2% target, however. <\/p>\n<p>In other U.S. economic news, consumer spending rose 0.5% in June in a sign of confidence in the economy as inflation eased again and the U.S. economy continued to grow. <\/p>\n<p>Earlier, the Bank of Japan said it would loosen its grip on yields of Japanese government bonds, a decision that sent shock waves through international bond markets and pushed the yield on the 10-year JGB<br \/>\n        TMBMKJP-10Y,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.000%\" channel=\"\" class=\"\">0.550%<\/bg-quote><br \/>\n       to its highest level since 2014, according to FactSet data. <\/p>\n<p>The yield on the 10-year JGB rose 54 basis points to 0.545%, its highest level since September 2014. <\/p>\n<p>The U.S. dollar was trading lower, 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=\"negative\">-0.07%<\/bg-quote><span>,<\/span><br \/>\n       a gauge of the greenback\u2019s strength, falling 0.1% to 101.65, while the Japanese yen<br \/>\n        USDJPY,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210561789\/realtime\/sampled\" class=\"negative\">-0.00%<\/bg-quote><br \/>\n       strengthened to 140.96 to the dollar.<\/p>\n<p><strong>See<\/strong>: What\u2019s next for markets after the Bank of Japan enacts policy tweak<\/p>\n<p>Analysts took gold\u2019s latest move higher as a sign that prices could climb further, although expectations for higher international bond yields could also put a damper on the price of the yellow metal. <\/p>\n<p>\u201cFrom a technical standpoint,\u00a0gold\u00a0has slightly rebounded from yesterday\u2019s low at $1,940, which is now considered the first support zone, and this represents a positive signal,\u201d said Rupert Rowling, a market analyst at Kinesis Money, in emailed commentary. <\/p>\n<p>\u201cThe closing of the\u00a0gold\u00a0price this evening will be crucial in determining whether the markets have fully absorbed the macroeconomic news from yesterday,\u201d he said.<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/gold-prices-pare-losses-after-bank-of-japan-loosens-grip-on-bond-yields-96637c75?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold futures settled higher on Friday, as the U.S. dollar softened following the Bank of Japan\u2019s decision to tweak its monetary policy framework, and as a\u00a0measure\u00a0of U.S. consumer prices that is closely\u00a0monitored\u00a0by the\u00a0Federal Reserve showed that the pace of price increases slowed last month. Price action Gold for December delivery GC00, -0.08% GCZ23, -0.09% increased [&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-42194","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 end higher as dollar softens after data shows U.S. inflation easing | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Gold futures settled higher on Friday, as the U.S. dollar softened following the Bank of Japan\u2019s decision to tweak its monetary policy framework, and as\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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