In a tumultuous trading session on Wednesday, gold prices fell following data showing that U.S. consumer prices increased in July as expected. This tempered hopes that the Federal Reserve would cut interest rates significantly the following month.
By 1338 GMT, spot gold had dropped 0.4% to $2,455.91 per ounce, while U.S. gold futures had dropped 0.5% to $2,494.50.
Due to its reputation as a steady and dependable asset in uncertain times, gold frequently emerges as a preferred investment when tensions around the world increase. This is demonstrated by the recent spike in gold prices, which have been close to record highs as investors flee the volatility brought on by geopolitical unrest and unstable economies. The ongoing hostilities in the Middle East and the potential for U.S. gold saw a minor increase, indicating investors’ cautious optimism as they closely monitor economic data and world events. Due to its inherent worth and historical use as a hedge against inflation and currency depreciation, gold has always been popular during these uncertain times.
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