Gold resumed its rally on Wednesday after a brief decline due to the release of US inflation data, with the dollar falling after data showing a slight slowdown in US consumer price growth.<\/p>\n\n\n\n
Spot gold rose 0.8% to $1,852.65 an ounce, and US gold futures rose 0.7% to settle at $1,853.70.<\/p>\n\n\n\n
The dollar index fell 0.1%, after initially rising after the release of inflation data, while gold gave more support.<\/p>\n\n\n\n
Fed officials on Tuesday reinforced their arguments for the fastest series of interest rate hikes since at least the 1990s to combat inflation.<\/p>\n\n\n\n
Although gold is considered a safe haven from inflation, higher US interest rates increase the opportunity cost of holding bullion, while boosting the dollar, the currency in which gold is priced.<\/p>\n\n\n\n
US consumer price growth slowed sharply in April as gasoline prices retreated from record highs, indicating that inflation has likely peaked, but is likely to remain elevated for a while to keep the Fed poised to raise interest rates in order to cool off. the demand.<\/p>\n\n\n\n
As for other precious metals, silver increased in spot transactions by 1.6 percent to $21.58 an ounce, platinum rose 3.7 percent to $999.33 an ounce, while palladium declined 1% to $2044.17.<\/p>\n","protected":false},"excerpt":{"rendered":"
Gold resumed its rally on Wednesday after a brief decline due to the release of US inflation data, with the dollar falling after data showing a slight slowdown in US consumer price growth. Spot gold rose 0.8% to $1,852.65 an ounce, and US gold futures rose 0.7% to settle at $1,853.70. The dollar index fell …<\/p>\n","protected":false},"author":9,"featured_media":61161,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,36],"tags":[7987,6874,9612],"class_list":["post-65294","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-market-updates","tag-cpi-data","tag-gold","tag-risk-on-2"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/65294","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=65294"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/65294\/revisions"}],"predecessor-version":[{"id":65295,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/65294\/revisions\/65295"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/61161"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=65294"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=65294"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=65294"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}