{"id":46972,"date":"2023-08-10T19:27:55","date_gmt":"2023-08-10T23:27:55","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/gold-prices-settle-nearly-flat-after-u-s-inflation-report-shows-prices-edge-up-for-first-time-in-over-a-year\/"},"modified":"2023-08-10T19:27:57","modified_gmt":"2023-08-10T23:27:57","slug":"gold-prices-settle-nearly-flat-after-u-s-inflation-report-shows-prices-edge-up-for-first-time-in-over-a-year","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=46972","title":{"rendered":"Gold prices settle nearly flat after U.S. inflation report shows prices edge up for first time in over a year"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002385348\" role=\"document\">\n<p>Gold prices ended slightly lower on Thursday after the U.S. July inflation reading came in broadly as expected, but the precious metal fell for a third day under pressure from the higher bond yields and a firmer dollar of the past couple of weeks.  <\/p>\n<h2>Price action<\/h2>\n<ul class=\"articleList\">\n<li>\n      Gold futures for December delivery<br \/>\n        SI00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210315219\/delayed\" class=\"negative\">-0.35%<\/bg-quote><\/p>\n<p>        GCZ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210039381\/delayed\" class=\"negative\">-0.24%<\/bg-quote><br \/>\n       was off $1.70, leaving it nearly flat at $1,948.90 per ounce on Comex. <\/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\">-0.35%<\/bg-quote><\/p>\n<p>        SIU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/230611017\/delayed\" class=\"negative\">-0.35%<\/bg-quote><br \/>\n       gained 9 cents, or 0.4%, to settle at $22.82 per ounce. <\/p>\n<\/li>\n<li>\n      Palladium futures for September\u00a0<br \/>\n        PA00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210237962\/delayed\" class=\"negative\">-1.15%<\/bg-quote><\/p>\n<p>        PAU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/236560919\/delayed\" class=\"negative\">-1.15%<\/bg-quote><br \/>\n       increased by $74, or 6%, to end at $1,305.50 per ounce, while platinum futures for October<br \/>\n        PL00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210261555\/delayed\" class=\"negative\">-0.47%<\/bg-quote><\/p>\n<p>        PLV23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/237284959\/delayed\" class=\"negative\">-0.47%<\/bg-quote><br \/>\n       rose by $22.10, or 2.5%, to finish at $914.80 per ounce. <\/p>\n<\/li>\n<li>\n      Copper futures for September delivery<br \/>\n        HG00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210054311\/delayed\" class=\"negative\">-0.32%<\/bg-quote><\/p>\n<p>        HGU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210058691\/delayed\" class=\"negative\">-0.32%<\/bg-quote><br \/>\n       lost 2 cents, or 0.5%, to settle at $3.77 per pound. <\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>Gold prices initially firmed after the release of the U.S. inflation data, but those gains withered away as major stock indexes jumped with the Dow Jones Industrial Average up over 400 points in the morning trading before retreating. <\/p>\n<div class=\"paywall\">\n<p>\u201cA peak in the dollar might be in place, but gold won\u2019t be surging if Wall Street continues to buy up stocks,\u201d said Edward Moya, senior market analyst at OANDA.<\/p>\n<p>The U.S. dollar index<br \/>\n        DXY<span>,<\/span><br \/>\n      \u00a0a gauge of the greenback\u2019s strength against major currencies, rose 0.1%, to 102.58. The yield on the 10-year Treasury note<br \/>\n        BX:TMUBMUSD10Y<br \/>\n       gained 7 basis points, at 4.08%, according to FactSet data. <\/p>\n<p>The U.S. consumer-price index rose 3.2% in July from a year earlier, up from 3% in the year through June, the first increase in the headline rate in 13 months, but the core annual rate, excluding food and energy prices, slipped to 4.7% from 4.8%, the Labor Department said Thursday.  <\/p>\n<p><strong>See: <\/strong>U.S. inflation rate creeps back up, CPI shows, but probably not enough to worry the Fed<\/p>\n<p>\u201cCrucially for the Fed, these figures are consistent with inflation moving lower towards its 2% target,\u201d said Jamie Dutta, market analyst at\u00a0Vantage. \u201cShelter costs remain a key wildcard but rent inflation should cool from an elevated pace in the months ahead, due to the typical lag associated with softer rents seen last year.\u201d <\/p>\n<p>However, Dutta said the importance of Thursday\u2019s CPI report is \u201cslightly diluted\u201d as investors will get one final set of inflation data before the next Federal Reserve policy meeting in September. \u201cFocus will also turn to Jackson Hole at the end of this month which could see Chair Powell confirm the Fed\u2019s rate hike intentions,\u201d he wrote in emailed commentary on Thursday morning. <\/p>\n<p>Fed-funds futures traders\u00a0currently price in a 9.5% chance of a September interest rate rise by the central bank, down from more than 20% a week ago, according to\u00a0the CME\u2019s FedWatch tool.<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/gold-prices-stabilize-ahead-of-u-s-inflation-report-899657ca?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold prices ended slightly lower on Thursday after the U.S. July inflation reading came in broadly as expected, but the precious metal fell for a third day under pressure from the higher bond yields and a firmer dollar of the past couple of weeks. Price action Gold futures for December delivery SI00, -0.35% GCZ23, -0.24% [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":24007,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-46972","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 settle nearly flat after U.S. inflation report shows prices edge up for first time in over a year | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Gold prices ended slightly lower on Thursday after the U.S. July inflation reading came in broadly as expected, but the precious metal fell for a third\" \/>\n<meta name=\"robots\" content=\"index, follow, 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