Gold extended its gains early on the day but the precious metal is trimming some of those after the US dollar recovers some ground as US Treasury bond yields advance. The latest inflation report for July in the US showed the CPI jumping by 3.2% YoY, below estimates and exceeded June\u2019s 3% dip. Core CPI for the same period rose by 4.7% YoY, less than estimates, and the prior month by 4.8%.
After the data, traders slashed bets the Fed would raise rates again, as shown by money market futures. Chances for a rate hike in September are seen below 10%, while for the November meeting, it dropped to 23.6% from 33.8% a month ago.
The San Francisco Fed President Mary Daly recently stated that CPI data was good news. Still, the July report did not imply Fed\u2019s victory n inflation, while stressing she\u2019s data dependent and supported the last month\u2019s Fed rate hike. She pushed back against easing monetary conditions, saying there\u2019s a \u201clong way from a conversation about rate cuts.\u201d
Initially, the data bolstered XAU\/USD towards the $1930 area; since then, XAU\/USD has extended its losses, as the 10-year benchmark note peaks at 4.047%, gaining one and a half basis points (bps). Other data revealed by the US Bureau of Labor Statistics (BLS), portrayed the labor market easing after Initial Jobless Claims for the week ending July 29 exceeded forecasts of 230K, advanced 248K.
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Gold extended its gains early on the day but the precious metal is trimming some of those after the US dollar recovers some ground as US Treasury bond yields advance. The latest inflation report for July in the US showed the CPI jumping by 3.2% YoY, below estimates and exceeded June\u2019s 3% dip. Core CPI …<\/p>\n","protected":false},"author":13,"featured_media":70951,"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":[7987,6885,6874,7986],"class_list":["post-87679","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-market-updates","tag-cpi-data","tag-fed","tag-gold","tag-mary-daly"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/87679","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=87679"}],"version-history":[{"count":2,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/87679\/revisions"}],"predecessor-version":[{"id":87683,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/87679\/revisions\/87683"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/70951"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=87679"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=87679"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=87679"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}