Gold prices edged lower on Wednesday as optimism over the Federal Reserve cutting interest rates faded after the US inflation report.
Spot gold was down 0.2% at $2,030.70 per ounce before rebounding to $2,031.48 at the time of writing. US gold futures settled 0.3% lower at $2,037.10. Gold rose as much as 0.7% after data showed US Consumer Price Index (CPI) rose 4.9% in April from a year earlier but lower than expectations of a 5% increase, before turning negative.
The data disrupted the modest momentum that had been building for an 11th straight interest rate hike in June, with the bulk of futures tied to the Fed’s rate betting on a pause. Gold may struggle in the short term with core inflation unchanged from last month and well above the Fed’s target.
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Gold prices edged lower on Wednesday as optimism over the Federal Reserve cutting interest rates faded after the US inflation report. Spot gold was down 0.2% at $2,030.70 per ounce before rebounding to $2,031.48 at the time of writing. US gold futures settled 0.3% lower at $2,037.10. Gold rose as much as 0.7% after data …<\/p>\n","protected":false},"author":13,"featured_media":81236,"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":[7987,6874,8060],"class_list":["post-83930","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-market-updates","tag-cpi-data","tag-gold","tag-profit-taking"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/83930","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\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=83930"}],"version-history":[{"count":2,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/83930\/revisions"}],"predecessor-version":[{"id":83935,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/83930\/revisions\/83935"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/81236"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=83930"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=83930"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=83930"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}