13 dollar increase in gold in world markets

According to the International Economic Group of Fars News Agency, quoted by Reuters, after losing more than 1% of its value yesterday, the price of gold increased in today’s trading of global markets, because the value of the dollar is on the eve of the release of US inflation statistics. Decreased.

Gold was sold at $13.37 an ounce to $2,004.85.

The dollar fell 0.1 percent, making gold cheaper for holders of other currencies.

Investors are now awaiting the release of US consumer price data, which will be released this afternoon; This statistic will determine the direction of the interest rate on the eve of the central bank’s policy meeting.

Gold market analyst Christopher Wang said: “The stronger than expected data, the more likely the Fed will raise interest rates once again in May.” The increase in the price of gold was somewhat excessive, and the possibility of a further increase in interest rates can somehow prevent this excessive increase.”

The US employment report released last Friday pointed to a tight labor market and raised the possibility of an interest rate hike by the US central bank next month. Markets give a 69.4% probability that the bank will raise interest rates by 0.25%.

When interest rates rise, the cost of holding gold, which is an interest-free asset, rises.

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