Gold will grow again
Gold prices moved little in early trade on Monday as markets awaited more cues on the U.S. economy this week, while copper prices rose on data signaling some strength in the Chinese manufacturing sector.
The yellow metal found some support as a drop in the personal consumption expenditures price index- the Federal Reserve’s preferred inflation gauge- weighed on the dollar and triggered a rally across most asset classes.
But core PCE inflation still remained high, a trend that is expected to keep the Fed raising interest rates in the near-term. The high core reading, coupled with some signs of resilience in the U.S. economy, saw markets pricing in a nearly 87% chance the Fed will hike rates later in July.
Rising interest rates are expected to limit any potential gains in gold, as is improving risk appetite.
Spot gold fell 0.1% to $1,917.24 an ounce, while gold futures fell 0.2% to $1,925.15 an ounce by 22:07 ET (02:07 GMT).
GOLD BUY 1911-1913 💯💯
✅ TP1: 1916
✅ TP2: 1920
✅ TP3: 1925
🛑 SL: 1906
The yellow metal found some support as a drop in the personal consumption expenditures price index- the Federal Reserve’s preferred inflation gauge- weighed on the dollar and triggered a rally across most asset classes.
But core PCE inflation still remained high, a trend that is expected to keep the Fed raising interest rates in the near-term. The high core reading, coupled with some signs of resilience in the U.S. economy, saw markets pricing in a nearly 87% chance the Fed will hike rates later in July.
Rising interest rates are expected to limit any potential gains in gold, as is improving risk appetite.
Spot gold fell 0.1% to $1,917.24 an ounce, while gold futures fell 0.2% to $1,925.15 an ounce by 22:07 ET (02:07 GMT).
GOLD BUY 1911-1913 💯💯✅ TP1: 1916
✅ TP2: 1920
✅ TP3: 1925
🛑 SL: 1906
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