قالب وردپرس درنا توس
Home / Business / Gold prices remain stable following damped US PCE inflation data

Gold prices remain stable following damped US PCE inflation data



(Kitco News) – Although not high, the gold market still holds significant gains for the month, even after data pointed to dampened inflationary pressures in July.

On Friday, the Department of Commerce said the Core Personnel Consumption (PCE) index rose 0.2% last month, missing expectations. Economists predicted a 0.3% increase. Annually, core inflation, which is the Fed's preferred inflation target, rose 1.6%, unchanged from June

. Gold prices have had some expected sales pressure after prices hit another six-year high earlier this week. The latest economic data has little impact on prices, in the first place; Gold futures in December last traded for $ 1,536.70 ounces, relatively unchanged on the day.

However, the weak inflation data is not a big negative for the gold market. Many economists have noted that weak inflation data will continue to support looser monetary policy measures by the Federal Reserve.

Economists also note that the data should help relieve some downturn, as consumer activity is still strong. The report noted that personal expenses increased 0.6% in July, up from 0.3%. Economists predicted an increase of 0.3%.

Meanwhile, personal savings grew less than expected, increasing 0.1

%, compared with a 0.4% increase in June. Economists expected an increase of 0.3%.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has done his utmost to ensure the accuracy of the information provided; However, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is for informational purposes only. It is not a challenge to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept damages for losses and / or damages resulting from the use of this publication.


Source link