Gold price rallies following tamer U.S. inflation report
Gold prices surged to near daily highs and reached the highest level in three weeks after the US inflation report revealed slightly more difficulty than market expectations. In the latest update, August gold rose by $16 to $1,953.
US data for the week showed that consumer price index for June rose by 3.0% compared to the same period last year, slightly lower than the expected increase of 3.1% and the 4.0% increase in May's report.
The core CPI, excluding food and energy, rose by 4.8% compared to the same period last year, lower than the expected increase of 5.0%. These numbers fall into the camp of monetary policy supporters who want to see the Federal Reserve maintain interest rates.
US data for the week showed that consumer price index for June rose by 3.0% compared to the same period last year, slightly lower than the expected increase of 3.1% and the 4.0% increase in May's report.
The core CPI, excluding food and energy, rose by 4.8% compared to the same period last year, lower than the expected increase of 5.0%. These numbers fall into the camp of monetary policy supporters who want to see the Federal Reserve maintain interest rates.
⚠️ Stop Loss : 1972
💲 Take Profit 1: 1955
💲 Take Profit 2: 1950
💲 Take Profit 3: 1945