Gold price remains steady near record highs as traders weigh geopolitical risks and key economic data from the United States
Gold prices are holding steady near record highs as traders weigh the possibility of escalating tensions in the Middle East. The US July CPI report is also set to be released on Wednesday, with this inflation data potentially playing a key role in determining the Federal Reserve's interest rate path. The spot gold price rose nearly 2% on Monday and remained near $2,470 per ounce. Safe-haven demand is supporting the upward movement of gold towards last month's historical highs, as markets are concerned about a potential Iranian attack on Israel as early as this week. Meanwhile, markets are also preparing for the US July PPI data to be released later on Tuesday and the US July CPI data to be released later on Wednesday. These data points will provide clues for investors to understand whether the Federal Reserve is able to curb inflation while avoiding an economic downturn. With increasing optimism about a Fed rate cut, gold prices have risen by 20% so far this year. Large-scale purchases by central banks around the world and strong demand from Chinese consumers have also supported gold prices. The rising geopolitical risks—from tensions in the Middle East to the upcoming US elections—have further highlighted the attractiveness of gold as a safe-haven asset
According to the Wise Finance APP, the price of gold is holding steady near record highs, as traders weigh the possibility of escalating tensions in the Middle East. The US CPI report for July is also set to be released on Wednesday, and this inflation data may play a crucial role in determining the Federal Reserve's interest rate path.
The spot price of gold rose nearly 2% on Monday and is holding steady around $2,470 per ounce. Safe-haven demand is pushing the price of gold closer to last month's historical highs, as the market is concerned about a potential Iranian attack on Israel as early as this week.
Meanwhile, the market is also preparing for the US July PPI data to be released later on Tuesday and the US July CPI data to be released later on Wednesday. These data points will provide clues for investors to understand whether the Federal Reserve is able to curb inflation while avoiding an economic downturn.
With growing optimism about a Fed rate cut, gold prices have risen 20% so far this year. Large-scale purchases by central banks around the world and strong demand from Chinese consumers have also supported the price of gold. The increasing geopolitical risks - from tensions in the Middle East to the upcoming US elections - have also highlighted the attractiveness of gold as a safe-haven asset