Gold prices fall ahead of key inflation data in the US
Last Updated on September 15, 2021
Gold prices fell during today’s trading in the European market, to resume its losses that were temporarily halted during the previous session. This may give more indications about the timing of the Federal Reserve to tighten US monetary policy.
Gold prices continue to decline
By 09:40 GMT, the spot price of gold was down by 0.3%, to trade the price of an ounce around the level of 1787.48 US dollars, from the opening level of the trading session at 1793.49 dollars, and the highest price was at 1794.83 dollars per ounce.
Gold fell in US futures, by 0.2%, to $1,792.40 an ounce.
At the end of Monday’s session, the precious metal “gold” managed to achieve a gain of 0.3%, after falling 0.4% the previous day due to the rise in the US Treasury bond yield.
As for the US dollar index trading, the index settled during today’s session unchanged, trading around the 92.62 points level, this comes in light of the investors’ reluctance to build any new purchasing positions in anticipation of many important economic data on the main inflation levels in the United States.
It is worth noting that the strength of these data will enhance expectations that the bond purchase program that stimulates the US economy will soon be reduced before the end of this year, is an essential step that comes before moving forward with the implementation of the pre-set US interest rate hike plan in 2023.
Expected economic data
At 12:30 GMT, the US consumer price index is scheduled to be released, and expectations on an annual basis indicate an increase of 5.3% during the month of August from a rise of 5.4% in July, and with the monthly reading, a rise of 0.4% is expected from the rise by 0.5% the previous month.
These data come before an important policy meeting of the Federal Reserve on September 21 and 22, as markets are closely awaiting the Fed’s announcement of the timing of the start of reducing the bond purchase program during the pandemic.
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