Gold again tests key $4,300 support amid rate hike bets and oil surge
Gold rallied on Friday despite higher inflation, testing $4,300 support. Rate hike bets and oil prices remain key; FOMC decision ahead.
Gold rallied on Friday despite higher inflation, testing $4,300 support. Rate hike bets and oil prices remain key; FOMC decision ahead.
Oil opened with a gap higher and held, as Saudi pipeline damage threatens exports. Goldman Sachs now expects a Fed rate hike.
Crude oil climbed on supply disruptions while crypto and metals declined ahead of the Fed decision.
Gold near $4,347 neckline; CPI data may decide if break to $3,950 occurs. Pattern unconfirmed.
JPMorgan predicts Fed rate hikes in September and December; market had already priced in 86%.
Bitcoin and gold fell after August core CPI rose 0.3% MoM, above the 0.2% forecast, raising Fed uncertainty.
Markets were quiet ahead of US CPI data. UK GDP beat expectations. Oil fell 3% despite geopolitical tensions.
Gold trades near $4,300 support as oil surge fuels rate hike bets ahead of US CPI data.
Oil prices stayed near recent highs as unverified pipeline fire reports emerged, while Asia-Pacific stocks fell on geopolitical and rate worries.
Gold, copper and the AUDUSD fell sharply today, breaking key technical supports, reflecting weaker commodity demand and a stronger US dollar.
US producer prices rose 0.4% in August, pushing gold and bitcoin lower as rate hike expectations increased.
Global gold ETFs attracted $18 billion in August, the second-largest monthly inflow, pushing holdings to an all-time high.
Gold fell below $4,356 support after a hotter PPI reading pushed yields and the dollar higher.
Gold continues to be the main expression of the debasement trade, while Bitcoin lags due to its sensitivity to liquidity and risk appetites.
Gold held near $4,400 and oil traded flat. BOJ's Masu signaled further rate hikes, while Trump proposed $5,000 checks. Germany moved to end crypto taxβ¦