Gold forecast before today's PPI new
Gold prices fell to their lowest levels since early July, following initial efforts to make up for losses after US inflation data gave mixed signals and Federal Reserve officials (Fed) ) hastily celebrated the victory against price pressure. However, high US Treasury yields and fear emanating from China put pressure on XAU/USD.
The US Consumer Price Index (CPI) for July was in line with market forecasts for a 0.2% month-on-month increase. However, year-on-year CPI rose more slowly than expected from 3.3% to 3.2% year-on-year for the month, compared with 3.0% of the previous reading, marking a First annual acceleration in 13 months.
The US Consumer Price Index (CPI) for July was in line with market forecasts for a 0.2% month-on-month increase. However, year-on-year CPI rose more slowly than expected from 3.3% to 3.2% year-on-year for the month, compared with 3.0% of the previous reading, marking a First annual acceleration in 13 months.
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