Gold prices fell sharply below 2,640
Gold prices were volatile last week. After the US employment data was released at 7:30 p.m. on Friday, gold prices fell sharply below $2,640/oz, but then at 10:00 p.m. the same day, gold prices rebounded, reaching $2,670/oz but immediately fell back to $2,642/oz at 11:30 p.m. Currently, gold prices are little changed around $2,650/oz. The decline in the precious metal was limited by increased safe-haven demand due to concerns about escalating tensions in the Middle East.
There are several important data releases this week. The biggest risk for gold is the US consumer price index for September. According to Economists, the market will be eager to see whether inflationary pressures continue to ease, which will support the US Central Bank's easing cycle. Markets will also get the minutes of the Fed's most recent monetary policy meeting.
There are several important data releases this week. The biggest risk for gold is the US consumer price index for September. According to Economists, the market will be eager to see whether inflationary pressures continue to ease, which will support the US Central Bank's easing cycle. Markets will also get the minutes of the Fed's most recent monetary policy meeting.
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