July 24, 2024

With the release of the PPI in the United States by Estado content, gold closes lower after a steady rise.

2 min read
© Reuters. With the release of the US PPI, gold is closing lower after a series of highs

Especially with the release of the US Consumer Price Index (CPI, its abbreviation in English) in December, the highly liquid gold deal rose on Thursday, after advancing in the last session. On Thursday, lower producer prices (PPI) than expected by experts and lower pressure on treasuries and US yields led to a revision.

On the Comex, the metal arm of the New York Mercantile Exchange (Nymex), delivery was scheduled for February, down 0.32% to 1,821.40 USD per troy ounce.

Pantheon Macroeconomics estimates that the PPI, which has risen 0.2% per month compared to expectations of a 0.4% rise, is the first solid source of lower pressures on production chains and consequently prices. In the wake of this advice, the CBI may start slowly in the coming months.

According to Commerzbank, inflation is expected to rise slightly in the coming months, after which it will begin to fall in the spring, as supply constraints driving prices may ease.

Looking at other components, the German bank hopes that gold may turn upside down in the coming months as demand remains low in India, the world’s second-largest consumer.

“This is due to the fact that many marriages are canceled due to the corona virus spreading in the country. Gold is traditionally given as a gift at ceremonies,” the analysis points out.

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