Gold prices fall amid US inflation data
11.08.2022 16:00
Gold prices fell on August 11, as markets are reacting to data on a slowdown in consumer prices in the US, reported from the auction data.
The price of December futures for gold on the New York Comex exchange fell by 0.66% to $1,801.8 per troy ounce. September silver futures fell 1.37% to $20.457 an ounce.
On August 10, statistics on annual US inflation in July was published - it slowed down to 8.5% from 9.1%, analysts predicted a slowdown to only 8.7%.
Thus, a slowdown in inflation more than expected increases the demand for risky assets and reduces the demand for more reliable ones (in particular, gold).
In addition, after declining the day before, the dollar exchange rate started growing, which also has a negative impact on the price of gold. The dollar index (the exchange rate against a basket of currencies of six countries - US trading partners) is growing by 0.24%, to 105.45 points.
The appreciation of the dollar makes gold less affordable when bought in another currency.
www.anews.az
The price of December futures for gold on the New York Comex exchange fell by 0.66% to $1,801.8 per troy ounce. September silver futures fell 1.37% to $20.457 an ounce.
On August 10, statistics on annual US inflation in July was published - it slowed down to 8.5% from 9.1%, analysts predicted a slowdown to only 8.7%.
Thus, a slowdown in inflation more than expected increases the demand for risky assets and reduces the demand for more reliable ones (in particular, gold).
In addition, after declining the day before, the dollar exchange rate started growing, which also has a negative impact on the price of gold. The dollar index (the exchange rate against a basket of currencies of six countries - US trading partners) is growing by 0.24%, to 105.45 points.
The appreciation of the dollar makes gold less affordable when bought in another currency.
www.anews.az
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