Gold slightly up
13.01.2023 10:00
Gold rose slightly on Friday morning to nearly $1,900 per troy ounce.
Reported from the trading data that gold prices with the settlement in February rose by $.0.65 or 0.03% to $1,899.45 on New York's Comex. The March futures for silver dropped by 0.47% to $23.892 per ounce.
The US inflation expectedly slowed down to 6.5% by results of last year, from 7.1% a month earlier. Throughout December, the consumer prices dropped by 0.1% after growing by 0.1% a month earlier.
The slowdown in price hike in US indicates the likelihood of some easing in the pace of monetary tightening. According to CME Group, the Federal Reserve System (Fed) may raise the discount rate in February by as much as 0.25 percentage points after increasing by 0.5 percentage points in December. And this, in turn, caused the weakening of the dollar yesterday.
A weaker dollar is positive for commodities and financial assets, which include gold. But now the factor of inflation and the Fed has been won back, the US currency has reached stability, and this does not allow the price of the precious metal to gain a foothold at around $1,900 per ounce.
www.anews.az
Reported from the trading data that gold prices with the settlement in February rose by $.0.65 or 0.03% to $1,899.45 on New York's Comex. The March futures for silver dropped by 0.47% to $23.892 per ounce.
The US inflation expectedly slowed down to 6.5% by results of last year, from 7.1% a month earlier. Throughout December, the consumer prices dropped by 0.1% after growing by 0.1% a month earlier.
At that time, gold exceeded $1,900 per troy ounce for the first time since May 5.
A weaker dollar is positive for commodities and financial assets, which include gold. But now the factor of inflation and the Fed has been won back, the US currency has reached stability, and this does not allow the price of the precious metal to gain a foothold at around $1,900 per ounce.
www.anews.az
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