Gold Market
Daily movements in the gold market and what is driving them.
Gold rallied towards $4,372 an ounce on Friday, recovering from an intraday low of $4,311 after disappointing US retail sales figures weighed on the dollar and Treasury yields.
Gold prices held above $4,300 per ounce after cooling US producer price data reduced the likelihood of a near-term Federal Reserve interest rate rise.
Gold prices dropped 1% to trade near $4,365 per ounce on Thursday as the US dollar recovered ground, despite signs of slowing factory inflation and higher jobless claims.
Gold traded close to $4,400 per troy ounce as persistent Middle East friction balanced out softer US inflation data that tempered Federal Reserve interest rate expectations.
Gold prices surpassed $4,400 per ounce after US consumer inflation softened in July, encouraging expectations that the Federal Reserve will leave interest rates unchanged at its upcoming policy meeting.
Gold stabilised below $4,400 during Asian trading on Wednesday as rising energy prices and renewed US rate hike expectations offset recent safe-haven gains ahead of key inflation data.
Gold dipped slightly to $4,381 per ounce on Tuesday as investors paused ahead of key US consumer price index figures and monitored Middle East risks.
Gold briefly climbed above $4,400 per troy ounce on Tuesday, bolstered by weak US employment figures and strong ETF inflows, before Commerzbank warned of headwinds from rising oil prices.
Gold hit a two-month high of $4,435 per ounce before pulling back as surging crude oil prices renewed inflation fears and pushed market expectations toward a potential Federal Reserve interest rate hike.