The price of gold is currently benefiting from a decline in the US dollar, rebounding after reaching one-week lows of $1,915. However, there are challenges to further increases in the gold price due to rising US Treasury bond yields. Additionally, caution among gold buyers may be influenced by China's slowing consumer price index (CPI) and deflation in factory gate inflation. In August, China's CPI increased by 0.1% compared to the previous year, which reversed a slight decrease of 0.3% in July according to data released on Saturday by the National Bureau of Statistics (NBS).
Throughout the day, fluctuations in gold prices will depend on risk sentiment and movements in the US dollar as there is no significant economic data being released at the start of this week due to it being a "blackout period" for policy discussion at the US Federal Reserve (Fed), ahead of their meeting next week.
Throughout the day, fluctuations in gold prices will depend on risk sentiment and movements in the US dollar as there is no significant economic data being released at the start of this week due to it being a "blackout period" for policy discussion at the US Federal Reserve (Fed), ahead of their meeting next week.
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The August reading of the producer price index came in hotter than expected. It rose 0.7%, more than the 0.4% increase anticipated by economists polled by Dow Jones. However, excluding food and energy, core PPI increased 0.2%, in line with the estimate.
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🕯 SELL GOLD | 1915 - 1917
🔴 SL: 1920
🟢 TP1: 1910
🟢 TP2: 1905
🔴 SL: 1920
🟢 TP1: 1910
🟢 TP2: 1905
