Thursday, 25 July 2024

Gold in a narrow range, eyes on US inflation reading

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Investors traded gold in a narrow price range, today, Wednesday, while awaiting an important reading of inflation in the United States that could shed more light on the path of interest rates of the Federal Reserve (the US central bank).

Gold rose in instant transactions by 0.2% to $2,367.79 per ounce by 02:29 GMT. Gold futures in the United States rose 0.3% to $2,374.10, according to Reuters.

Federal Reserve Chairman Jerome Powell said in his testimony before the Senate that inflation has improved in the past few months, adding that “more good data would strengthen” the justification for a more accommodative monetary policy. Powell will speak before the House of Representatives later Wednesday.

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