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Gold hits nine-week high as investors position ahead of US inflation
Spot gold rose 0.8% to $4,376.56 per ounce, with traders focused on the July CPI on Wednesday and pricing odds of Fed hikes later this year.
Gold rose to a nine-week peak on Monday, boosted by bullish momentum and investors buying ahead of key U.S. inflation data that could shape expectations for Federal Reserve policy, Reuters reported.
By 2:45 p.m. EDT, spot gold was up 0.8% to $4,376.56 per ounce, after reaching its highest level since June 5 earlier in the session. The metal gained 2.4% on Friday, following U.S. labor data that showed an unexpected drop in nonfarm payrolls.
Traders are waiting for the U.S. consumer price report due on Wednesday and producer price data on Thursday. Economists polled by Reuters expect July CPI to rise 3.4% year-on-year versus 3.5% in June.
Other price moves in precious metals included spot silver rising 3.1% to $65.50 per ounce, platinum up 0.1% to $1,746.50, and palladium gaining 0.2% to $1,380.17, while China’s central bank increased gold purchases in July, adding the most bullion to its reserves since October 2023. Reuters reported that investors were also pricing a 52% chance of a September rate hike and an 81% chance in December, according to the CME FedWatch Tool.
Latest closeGold $4,292.00 ▲1.1%|Silver $61.56 ▼0.9%|Platinum $1,734.50 ▼0.2%