Global gold prices are approaching a historic high. This is reported by Komersant ukrainskyi
with reference to Reuters.
Gold prices fell in trading on Wednesday? 14 August, after data showed that US consumer prices rose in July. This dispelled expectations of a significant rate cut by the US Federal Reserve next month, in August.
Spot gold fell 0.4% to $2,455.91 an ounce by 13:38 GMT. US gold futures fell 0.5% to $2,494.50.
“A rate cut in September is a death sentence. At the moment, the data suggests that the Fed will start with 25 bps, which will be a disappointment for the market, which likes to go overboard,” said Tai Wong, an independent metal trader in New York.
Thus, if the data confirms a slowdown in US price growth, bets on a 50 bp rate cut in September will increase, and it is possible that the gold price will reach a historic high