Domestic gold price
Domestic gold price fluctuations
World gold price fluctuations
World gold prices tend to increase as investors are cautious before the US releases inflation data.
The data could influence the Federal Reserve’s interest rate outlook, with Chairman Jerome Powell’s hawkish comments pushing gold prices to their lowest in more than three weeks.
Ole Hansen, head of commodity strategy at Saxo, said that gold prices could rise this week. In his opinion, the FED has completed its interest rate hike and will cut in the second half of the year. Along with the demand from central banks, gold prices are expected to rise again.
Ryan McIntyre, managing partner at Sprott Inc, said the potential for credit risk due to concerns about sovereign debt could help push gold prices above $2,000 an ounce.
Meanwhile, oil prices - a commodity closely related to gold - also increased in the trading session on November 14 due to expectations of healthy market fundamentals, after a report from the Organization of the Petroleum Exporting Countries (OPEC) showed that demand remained strong and concerns that supply could be disrupted when the US introduced measures to restrict Russian oil exports.
Gold prices will be impacted this week when the US releases consumer price index (CPI) on Tuesday (November 14) and producer price index data on Wednesday (November 15).
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