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Gold exceeded $1900 amid the inflation data in the United States


January, 12 2023
watermark Economic news

The price of the February gold futures soared by 1.28% today and reached $1905 per troy ounce. Above the $1,900 mark, gold is trading for the first time since May 2022.


The driver of growth to an eight-month high was the weakening of the dollar on the eve of the release of US inflation data for December. The dollar index lost 0.79% and reached 102.09 points, which was the lowest since June 2022. And as you know, the weakening of the dollar makes gold more attractive to holders of other currencies.


According to the US Department of Labor, by the end of December, the year-on-year growth in consumer prices slowed to 6.5% against 7.1% in November, which coincided with analysts' forecasts. Core inflation (excluding food and energy prices) at the end of December amounted to 5.7% year-on-year, which also meets the expectations of experts. In November, this figure was 6%.


Analysts note that the pressure on the US currency is also exerted by a decrease in the yields of US government bonds. This suggests that fears that inflation will remain at a high level, forcing the Fed to maintain a tight monetary policy for longer, are gradually weakening.


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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.