Spot gold was up 1.6% to $2 408.33 an ounce as of 1:45 p.m. in London, while the Bloomberg Dollar Spot Index was 0.7% lower.
Gold rallied after an unexpected drop in US consumer prices in June, with the easing of prices pressures bolstering hopes that the Federal Reserve will soon start cutting interest rates. Prices jumped as much as 1.6% after data from the Bureau of Labour Statistics showed a 0.1% monthly decline in consumer prices, marking the first negative reading in more than four years. Another key core price gauge that excludes food and energy advanced only 0.
On Wednesday, Federal Reserve Chair Jerome Powell wrapped up a second day of testimony in Washington, where he said the central bank doesn’t need inflation below 2% before cutting interest rates. High rates have been a headwind for gold as a non-interest bearing asset, but prices have still hit record highs this year on a wave of buying by investors and central banks. Silver jumped 3%, while platinum and palladium also rose.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Gold edges higher ahead of key US inflation data releaseSpot gold was up 0.5% to $2 383.52 an ounce as of 10:09 a.m. in London.
Read more »
Stock futures pare losses after economic reports: Markets wrapSpot gold rose 1% to $2 322.33 an ounce.
Read more »
Gold pushes higher as investors expect Fed will start to easeSpot gold was 0.3% higher at $2 363.67 an ounce at 1:30 p.m. in Singapore.
Read more »
Global equities climb to record before key US data: Markets wrapSpot gold rose 0.3% to $2 363.86 an ounce.
Read more »
European futures drop ahead of Eurozone CPI data: Markets wrapSpot gold fell 0.2% to $2 328.13 an ounce.
Read more »
South Africa: Technology Makes It Possible to Diagnose Diseases On the SpotAnalysis - Digital technology has hugely improved healthcare in many ways.
Read more »