Gold stays near $4,400 on inflation data
Gold prices continued to rise, approaching the $4,400 per ounce level, supported by US inflation data that was in line with expectations. The slowdown in consumer price growth in July, which registered a monthly increase of 0.1% and an annual increase of 2.5%, strengthened expectations that the Federal Reserve will leave interest rates unchanged in September. This supported gold prices, which are nearing their highest levels in two months. Additionally, ongoing tensions in the Strait of Hormuz, diplomatic developments, and military escalations between the United States and Iran are boosting demand for the yellow metal as a safe haven. Meanwhile, China's rising gold reserves reinforce expectations of continued institutional demand for the commodity.
Notice: This Is an AI-Generated Summary
Comments (0)