Gold Prices Rally After Inflation Data
Gold one of the most sought futures during inflation!
The most-actively traded gold futures contract rose 0.9% to $1,896.40 a troy ounce.
Tweet on gold price reaction on CPI
Gold prices have rallied in recent months on hopes that inflation has peaked and the Fed is easing up on rate increases,via @FactSet #gold #inflation pic.twitter.com/xdnPLJevpQ
— The_Journalbiz (@the_journalbiz) January 12, 2023
FactSet chart on gold fluctuationÂ
Gold is shining once again, as investors bet that cooling inflation in the United States will slow the pace of Fed rate hikes and make the precious metal more attractive.
Gold futures were at an eight-month high, climbing 14% since late November to hit $1,882 per ounce on Wednesday, after a Labor Department report showed that inflation declined for a sixth straight month.
Analysts say Thursday’s inflation data is another sign of a cooling U.S. economy, with investors betting that the Federal Reserve won’t be raising interest rates as aggressively this year.
Gold prices have rallied in recent months on hopes that inflation has peaked and the Fed is easing up on rate increases.
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