|
Gold driven lower by stronger dollar, trade war development
AI Summary
- Gold prices fell due to a stronger US dollar and ongoing trade tensions
- President Trump called for interest rate cuts after CPI data release
- Spot gold fell by 0.7% to $1,334.9 an ounce at 20:08 GMT
Gold prices fell during Tuesday’s trading session amid a rise in the US dollar against most major currencies and ongoing trade tensions.
Data from the US Department of Labor released today showed that the Consumer Price Index (CPI) rose by 2.7% year-on-year in June, in line with expectations, while the core inflation index — which excludes food and energy prices — recorded a monthly increase of 0.2%, which was lower than expected.
Following the release of the data, President Donald Trump stated that the Federal Reserve must cut interest rates, and he renewed his criticism and attacks on Federal Reserve Chair Jerome Powell.
Meanwhile, the US Dollar Index rose by 0.6% to 98.6 points as of 20:08 GMT, recording a high of 98.7 and a low of 97.9.
In terms of trading, spot gold fell by 0.7% to $3,334.9 an ounce at 20:08 GMT.
Thanks for your feedback.
Could the Middle East satiate the world's natural gas demand?
A report by Rystad Energy stated that the Middle East is rapidly advancing toward overtaking Asia to become the world’s second-largest natural gas producer by 2025, behind only North America. Gas production in the region has grown by about 15% since 2020, reflecting the efforts of regional countries to better utilize their gas reserves and boost exports to meet rising global demand.
MoreNASDAQ hits new record high after inflation data
Most US stock indices rose during Tuesday’s trading following the release of inflation data that aligned with market expectations.
MorePalladium expands gains to above $1200 an ounce
Palladium prices rose during Tuesday's trading, extending gains as markets monitored trade developments between the United States and other countries.
More