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Gold is Confined to a Narrow Range Ahead of The Release of US Inflation Data

Adel 10 February, 2022 3:53 pm Commodities, Forex Market, Market Update

Gold prices fluctuated within a limited range on Thursday, after hitting a two-week high earlier in the session, as investors awaited US inflation data for indications of the Federal Reserve’s next step towards tightening monetary policy.

And the gold price settled in spot transactions at $ 1832.09 an ounce by 0955 GMT, after hitting a two-week high of $ 1835.67 an ounce, and US futures fell 0.2 percent to $ 1832.20.

US consumer price index data for January is due at 1330 GMT and is expected to show an annual rise of 7.3 percent, which would be the biggest since 1982.

As for other precious metals, the price of silver increased 0.2 percent to $23.33 an ounce, the price of platinum fell 0.9 percent to $ 1024.67, and palladium rose 0.5 percent to $2,290.36.

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