Gold Investors Are Waiting For The US Inflation Data
Gold investors are waiting for the US inflation data, which has an important place in determining the FED’s asset purchase reduction schedule.
Gold managed to maintain its gains, with the decline in US bond yields and the weakening in the dollar ahead of the inflation data. Gram gold is also hovering in the region of 513 TL, the highest level since June, with global gold prices and the rise in USD/TL.
Gold investors are focused to the US inflation data, which will be announced at 3:30 pm today. The median expectation of economists surveyed by Bloomberg was that inflation would increase by 5.3 percent annually.
FED (US Federal Reserve) officials have repeatedly said that employment and inflation data are of great importance in determining the asset purchase reduction schedule. Gold prices skyrocketed last week as expectations rose that the FED might reduce asset purchases after lower-than-expected employment. The fact that the inflation data to be announced today is above expectations may put pressure on gold prices, raising concerns that tightening may begin soon.
Last week, after the non-farm employment data on Friday, the ounce of gold, which went up to $ 1,780, then fell back to $ 1,760 by experiencing a rapid retreat. Starting the new week with a flat course, ounce of gold is trading around $1,761 ahead of the inflation data.
Gram gold started to rise gradually from mid-September after trading in a narrow price range for about a month as global gold prices and USD/TL balance each other. In addition to the rise in global gold prices, gram gold, which is supported by the record high levels of the USD/TL, is around 512 TL.