Gold price edges higher as US inflation data shows signs of cooling. gold inflation usa
on Thursday after the latest US GDP data highlighted the country’s economy rebounded faster than previously estimated, potentially setting the Fed on a keener path to fight inflation.
Gold prices are on track for a second consecutive yearly decline, falling nearly 2%, with prices down more than $250 since March highs as central banks hiked interest rates to tame inflation. However, “you’re going to see a better demand picture for the metals in 2023. Inflation could still be problematic, but central banks are going to, around mid-year, start to let off the gas and that’s going to be supportive for the metals markets,” Wyckoff noted.
Markets also kept a close tab on rising covid-19 cases in top gold consumer China, which could have an impact on physical demand.
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