Gold price rises on hopes of slowing US inflation

Med utsikten att Federal Reserve stoppar sin penningpolitiska åtstramning närmar sig guldpriset 2 000 dollar per troy ounce. Guldpriserna stiger till nästan en månads högsta på torsdagen med stöd av en mjukare US-dollar, efter att amerikanska inflationsdata väckte förhoppningar om att Federal Reserve snart skulle sluta strama åt sin penningpolitik.

With the prospect of the Federal Reserve halting its monetary tightening, the price of gold is approaching $2,000 per troy ounce. Gold prices rise to almost a one-month high on Thursday supported by a softer US dollar, after US inflation data raised hopes that the Federal Reserve would soon stop tightening its monetary policy.

US consumer prices rose modestly in June, recording their smallest annual increase in more than two years as inflation continued to slow, but probably not fast enough to deter the Fed from resuming interest rate hikes later this month.

Therefore, much focus remains on the central bank’s next interest rate meeting, which could dictate gold prices in the near term,” said Brian Lan of Singapore dealer GoldSilver Central.

Recent hawkish comments from central bank policymakers have weighed on gold. This precious metal has fallen more than 100 dollars since its peak levels in May.

Higher interest rates increase the opportunity cost of owning non-yielding precious metals, although it is seen as a safe investment during times of political and financial uncertainty.

“[Därför], although gold may go higher closer to $2,000, the chance of prices falling is more likely this quarter, and thus $1,800 is still a possibility,” Lan further said, adding that the Fed may still set a “cautious tone”.


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