Gold Edges Upward Amidst Focus on US Inflation and Consumer Sentiment

Published on Aug 11, 2023 14:03

Gold inches up in mid Asia electronic trades today as inflation pressure were seen subsiding in the world’s largest bullion consuming nations. The traders now focussed on US PPI and consumer sentiment data due later today.

On related news, the U.S. consumer price index rose 3.2% YoY, indicating some easing of inflation`s impact, while a 0.2% monthly acceleration as reported by the Bureau of Labor Statistics; With core CPI, excluding volatile items, up 0.2% for the month, yielding a 4.7% 12-month rate, the lowest since October 2021.

Also Chinese deflation worries pressure bullion prices recently, with July`s inflation at -0.3%. International gold futures were recently seen trading at $1946 an ounce, extending its decline from 1 month lows.

International gold was latest seen trading at $ 1950 per ounce, up my marginal $1.75. The counter needs to break the critical resistances to overcome the range bound activity. MCX October delivery bullion futures were up Rs 63 at Rs 58916 per 10 grams. The counter may find resistance near Rs 59100 levels