Gold Prices Reverse Amid Stock Surge After US Inflation Data
"After an initial rise following the release of U.S. inflation data, gold prices reversed gains as major stock indexes surged. The Dow Jones Industrial Average gained over 400 points in morning trading before pulling back."
Edward Moya, senior market analyst at OANDA, commented, "While a potential peak in the dollar is conceivable, gold's upward momentum could be hampered if Wall Street continues its stock buying spree."
The U.S. dollar index (DXY), which measures the dollar's strength against major currencies, edged up 0.1% to 102.58. According to FactSet data, the yield on the 10-year Treasury note (BX:TMUBMUSD10Y) climbed by 7 basis points to 4.08%.
The U.S. Consumer Price Index showed a 3.2% increase in July year-on-year, up from the previous 3% in June, marking the first rise in the headline rate in 13 months. However, the core annual rate, excluding food and energy prices, dipped from 4.8% to 4.7%, as reported by the Labor Department on Thursday.
BUY LIMIT 1912 - 1914💯💯
✅ TP1: 1922
✅ TP2: 1928
🛑 SL: 1910
Edward Moya, senior market analyst at OANDA, commented, "While a potential peak in the dollar is conceivable, gold's upward momentum could be hampered if Wall Street continues its stock buying spree."
The U.S. dollar index (DXY), which measures the dollar's strength against major currencies, edged up 0.1% to 102.58. According to FactSet data, the yield on the 10-year Treasury note (BX:TMUBMUSD10Y) climbed by 7 basis points to 4.08%.
The U.S. Consumer Price Index showed a 3.2% increase in July year-on-year, up from the previous 3% in June, marking the first rise in the headline rate in 13 months. However, the core annual rate, excluding food and energy prices, dipped from 4.8% to 4.7%, as reported by the Labor Department on Thursday.
BUY LIMIT 1912 - 1914💯💯
✅ TP1: 1922
✅ TP2: 1928
🛑 SL: 1910
