Commodities and Futures News

Gold Hovers Around $1,800 as U.S. Inflation Jitters Kick In

2022.08.09 05:15

Gold Hovers Around $1,800 as U.S. Inflation Jitters Kick In

By Ambar Warrick 

Investing.com– Gold prices held on to recent gains on Tuesday as volatility in stock markets ahead of a closely-watched U.S. inflation figure this week drove up safe haven demand.

As of 2150 ET (0151 GMT), spot gold was down slightly at $1,785 an ounce, while gold futures held around $1,801. Both instruments had rallied nearly 1% on Monday, as uncertainty over upcoming U.S. CPI inflation data drove the dollar lower.

Other precious metals also retained recent gains. Platinum Futures fell 0.1% after a 1.7% rally on Monday, while Silver Futures fell 0.4% after a nearly 5% rally. 

U.S. stock markets saw a volatile session on Monday amid a mixed bag of earnings, which drove up safe haven demand. Investors are also caught between the growth and value play, ahead of inflation data later this week. 

Focus is now on U.S. CPI data for July, due on Wednesday. Analysts are expecting a year-on-year reading of 8.7%, down from the 9.1% seen in June. A bigger-than-expected dip in inflation is likely to bring down expectations of steep interest rate hikes by the Federal Reserve, and will be positive for gold prices. 

But a stronger-than-expected reading could underpin U.S. Treasury yields, driving more traders into the dollar, and denting most metal markets. 

Still, inflation is likely to remain at 40-year highs for the coming months, inviting continued monetary policy tightening by the Fed. 

Among industrial metals, Copper Futures retreated 0.5% on Tuesday to $3.5680 a pound, after a 1.3% rally on Monday. Copper prices have largely tumbled this year amid signs of sluggish industrial activity across the globe.

But a surprise jump in Chinese export data this week helped ease some concerns over global demand. Chinese appetite for the industrial metal also remains strong, despite a decline in manufacturing activity caused by a series of COVID-related lockdowns.  

 

Source

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 74,933.08 0.25%
ethereum
Ethereum (ETH) $ 2,805.01 6.02%
tether
Tether (USDT) $ 1.00 0.32%
solana
Solana (SOL) $ 186.69 0.84%
bnb
BNB (BNB) $ 593.51 1.46%
usd-coin
USDC (USDC) $ 1.00 0.18%
xrp
XRP (XRP) $ 0.548669 2.17%
dogecoin
Dogecoin (DOGE) $ 0.191594 5.97%
staked-ether
Lido Staked Ether (STETH) $ 2,805.79 6.21%
tron
TRON (TRX) $ 0.160549 1.93%
cardano
Cardano (ADA) $ 0.371243 3.11%
the-open-network
Toncoin (TON) $ 4.88 1.91%
wrapped-steth
Wrapped stETH (WSTETH) $ 3,319.57 6.56%
shiba-inu
Shiba Inu (SHIB) $ 0.000019 2.15%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 74,853.06 0.47%
avalanche-2
Avalanche (AVAX) $ 26.76 0.96%
weth
WETH (WETH) $ 2,804.67 6.16%
chainlink
Chainlink (LINK) $ 12.27 3.03%
bitcoin-cash
Bitcoin Cash (BCH) $ 377.30 0.65%
sui
Sui (SUI) $ 2.27 1.88%
polkadot
Polkadot (DOT) $ 4.08 0.79%
leo-token
LEO Token (LEO) $ 6.23 0.61%
usds
USDS (USDS) $ 0.994087 1.02%
uniswap
Uniswap (UNI) $ 8.94 2.33%
litecoin
Litecoin (LTC) $ 71.03 0.89%
wrapped-eeth
Wrapped eETH (WEETH) $ 2,954.03 6.21%
aptos
Aptos (APT) $ 9.79 4.24%
near
NEAR Protocol (NEAR) $ 4.14 0.82%
pepe
Pepe (PEPE) $ 0.00001 8.71%
bittensor
Bittensor (TAO) $ 517.83 3.03%
internet-computer
Internet Computer (ICP) $ 7.72 0.61%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.39 0.65%
dai
Dai (DAI) $ 1.00 0.17%
monero
Monero (XMR) $ 163.37 0.50%
ethereum-classic
Ethereum Classic (ETC) $ 19.93 3.27%
kaspa
Kaspa (KAS) $ 0.118295 1.31%
stellar
Stellar (XLM) $ 0.09837 1.22%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.24%
whitebit
WhiteBIT Coin (WBT) $ 19.32 0.04%
aave
Aave (AAVE) $ 185.06 14.51%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.341308 3.64%
blockstack
Stacks (STX) $ 1.66 1.26%
okb
OKB (OKB) $ 39.83 2.08%
first-digital-usd
First Digital USD (FDUSD) $ 0.999908 0.49%
crypto-com-chain
Cronos (CRO) $ 0.08559 0.55%
dogwifcoin
dogwifhat (WIF) $ 2.32 3.54%
arbitrum
Arbitrum (ARB) $ 0.573435 7.47%
filecoin
Filecoin (FIL) $ 3.71 2.16%
mantle
Mantle (MNT) $ 0.632848 7.40%
celestia
Celestia (TIA) $ 5.08 6.01%