Agencies-Gaza post
Gold price falls for today
Gold prices fell heading for a weekly drop as Treasury yields rose, while investors await monthly inflation data in the United States seeking signs of the future of the Federal Reserve’s monetary policy.
Gold in spot transactions fell 0.2% to $1844.78 an ounce, while U.S. gold futures fell 0.3% to $1848.10. US Treasury yields raised for 10 years, impacting demand for non-yielding gold.
Market players are eagerly awaiting U.S. CPI data expected to be released later today to ensure that high inflation for decades peaked in March. Gold prices fell about 0.3% this week.
Stephen Innes, management partner of V.S. B. AI Asset Management A strong reading of the CPI could indicate the Federal Reserve’s tightening trend, and make the yellow metal price test $1825 and push it down to $1800.
The Federal Reserve is expected to raise its key interest rate 50 basis points in June and July, with expanded possibilities for a similar move in September, according to a Reuters poll of economists who do not expect interest rate hikes to stop until next year.
