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    Home»Finance»Gold Hits A Two-month Low After U.S. Data Raises Fears Of A Rate Hike

    Gold Hits A Two-month Low After U.S. Data Raises Fears Of A Rate Hike

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    By Sam Houston on February 27, 2023 Finance
    Gold Hits A Two-month Low After U.S. Data Raises Fears Of A Rate Hike
    Gold Hits A Two-month Low After U.S. Data Raises Fears Of A Rate Hike
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    On Monday, gold prices dropped to a level not seen in two months, following the release of solid economic data in the United States, which fuelled fears that the Federal Reserve will deliver additional interest rate hikes in order to drive down inflation.

    As of 5:41 AM (GMT), the spot price of gold decreased by 0.1% to $1,808.51 per ounce. The price of gold futures in the United States fell to $1,815.00.

    The Federal Reserve’s preferred inflation measure, the personal consumption expenditures price index, rose 0.6% in January after gaining 0.2% in December. Data that was released on Friday showed that consumer spending in the United States increased by 1.8% in December, the largest increase since March 2021.

    Said Hareesh V, head of commodity research at Geojit Financial Services

    “A two-year high consumer spending coupled with robust job numbers released earlier this month would give confidence to the Fed to boost rates to tackle inflation” 

    Gold Hits A Two-month Low After U.S. Data Raises Fears Of A Rate Hike
    Gold Hits A Two-month Low After U.S. Data Raises Fears Of A Rate Hike

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    Gold is commonly thought of as a hedge against inflation; nevertheless, rising interest rates reduce the asset’s allure because they raise the opportunity cost of owning an asset that generates no yield.

    During an interview with Reuters on Saturday, the Secretary of the United States Treasury, Janet Yellen, stated that recent data showing inflation increased unexpectedly in January indicated that the fight against inflation “is not a straight line” and that additional effort was required.

    On Friday, the President of the Federal Reserve Bank of Cleveland, Loretta Mester, stated that in order to bring inflation on a sustainable downward path to 2%, “it is going to need additional effort on the part of the Fed.”

    In the beginning of this month, gold prices reached their highest level since April 2022, but they have since dropped by almost $150 as a result of several reports from the United States that pointed to a robust economy and a tight labor market. The money markets anticipate that the Fed’s target rate will rise to 5.408% in September, up from a range of 4.50% to 4.75% at the present time.

    The dollar index was very close to reaching a top for the first time in seven weeks, which made bullion more expensive for buyers holding currencies other than the dollar. [USD/]

    Palladium prices increased by 0.9% to $1,415.96 per ounce, while spot silver prices decreased by 0.9% to $20.58 per ounce. Platinum prices decreased by 0.3% to $906.94.

    Our dedicated team takes this philosophy to heart, as we strive to provide timely information at all times. The newest News can be found at Journalist PR We encourage visitors to return to our site on a regular basis to see what’s new.

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    Sam Houston

    Journalistpr bestselling author Sam Houston is a former journalist who has interviewed murderers on death row, flown over L.A. with the LAPD. He’s also reported from the Caribbean, Africa and Kuwait’s border with Iraq. His books have been published in nearly 30 countries, including an illegal translation produced in Iran.

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