• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

Gold price edges higher as US inflation data shows signs of cooling

3 years ago
in Business, Features, highlights, Home, home-news, latest News, Markets, Mining
1 min read
0 0
0
64
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

RelatedPosts

CID Establishes Task Force to Combat Influx of Stolen Vehicles into Ghana

Government Reintroduces Free Cocoa Fertiliser Programme to Boost Sector Growth

President Mahama Directs Ministers to Fast-Track Rollout of Ghana’s E-Visa System

Gold price edges higher as US inflation data shows signs of cooling

Gold prices edged up on Friday ahead of a long holiday weekend as the latest US inflation data showed signs of cooling, but not enough to erase concerns of more Federal Reserve rate hikes.

Spot gold rose 0.6% to $1,802.33 per ounce by 11:50 a.m. ET, representing a weekly gain of roughly the same percentage point. The precious metal is coming off its worst week in a month after more hawkish messaging from the Fed. US gold futures were up 0.8% to $1,810.30 per ounce.

New inflation data showed that US consumer spending, which accounts for more than two-thirds of the nation’s economic activity, edged up 0.1% in November after climbing 0.4% in October, while inflation cooled further.

“With inflation close to being in line with expectations, gold prices were higher on fresh speculative buying ahead of the new year on bets that the bigger funds might move to the long side of gold at the beginning of the year,” Jim Wyckoff, senior analyst at Kitco Metals, told Reuters.

Bullion dipped over 1% 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.

Tags: Gold price edges higher as US inflation data shows signs of cooling
No Result
View All Result

Highlights

AngloGold Ashanti Doubles Earnings and Free Cash Flow on Higher Gold Prices, Production Surge in Q2 2025

Africa’s Richest Country to Boost Continental Trade Ties After U.S. 30% Tariff Hit

Nigeria Hits Panic Button as West Africa Logs $2.1bn in Suspicious Crypto Transactions

CID Recovers 43 Stolen Luxury Vehicles Smuggled into Ghana

2025 Mid-Year Economic Review: Fiscal Discipline is a Necessary Pain

Ledecky’s Heroics Highlight Underwhelming US Campaign at World Aquatics Championships

Trending

Business

CID Establishes Task Force to Combat Influx of Stolen Vehicles into Ghana

August 4, 2025

CID Establishes Task Force to Combat Influx of Stolen Vehicles into Ghana The Criminal Investigations Department (CID)...

Government Reintroduces Free Cocoa Fertiliser Programme to Boost Sector Growth

August 4, 2025

President Mahama Directs Ministers to Fast-Track Rollout of Ghana’s E-Visa System

August 4, 2025

AngloGold Ashanti Doubles Earnings and Free Cash Flow on Higher Gold Prices, Production Surge in Q2 2025

August 4, 2025

Africa’s Richest Country to Boost Continental Trade Ties After U.S. 30% Tariff Hit

August 4, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.