Gold holds steady ahead of new US inflation data



Gold is on a roll against the dollar (Illustration: Jovani Pérez/infobae)
Gold is on a roll against the dollar (Illustration: Jovani Pérez/infobae)

Gold did not suffer changes in its price against the dollar During the first hours of this August 10, prior to the new inflation data in the United States which will be announced this Wednesday.

Spot gold price stood at $1,793.78 per ounce at 10:32 a.m. (UTC time) today, which meant a stable price compared to the previous day.

While US gold futures are trading at $1,809.90 an ounce at the same time this Wednesday, with a negative change of just 0.1% compared to the previous session.

Despite the stability of gold against the dollar, the US currency is not at its best, despite the fact that a decrease is expected in the US inflation data for this Wednesday and the increase in jobs in the North American country given to meet last Friday.

The recent weakness of the dollar is mainly due to two factors: the increase in interest rates by the Federal Reserve as an anti-inflationary measure and the recent tensions between the United States and China.

Among other precious metals, the silver fell 0.2% to settle at $20.46 an ounce, the platinum lost 0.1% to sell at $932.55 and the palladium It fell 0.3% to trade at $2,208.09.

Gold investors await new inflation data in the US (REUTERS / Arnd Wiegmann)
Gold investors await new inflation data in the US (REUTERS / Arnd Wiegmann)

In the market there are different types of destinations when it comes to money to investthe most common is the stock market, however, there are more choices, such as commodities, that is, raw materials.

In the traditional stock exchanges what is exchanged are company shares, each share is a portion of the company and with it comes a series of rights.

For his part in the commodities what is traded are commodity futures contracts such as corn, soybeans, wheat, copper, oil, gas, among others.

Like stocks, futures contracts can be bought or sold in the market, however, the main difference is that by having the commodities you have a defined period to sell them.

If you don’t get rid of your future contracts, earning or losing money, depending on the case, the product you have bought will end up on your doorstep.

The price of commodities is fundamental for the rest of the markets, since as they are raw materials, the increase or decrease in their value directly and indirectly influences other sectors.

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