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The gold market is trading near session highs after the latest data showed consumer sentiment in the U.S. declining, with inflation expectations shooting higher.The University of Michigan announced on Friday that the preliminary reading of its Consumer Sentiment survey for September was 47.8. The data was far worse than expectations, as the consensus forecast of economists called for a reading of 51, and it was also well below August''s final reading of 51.7.
The gold market is struggling to find any solid direction on Friday as U.S. inflation pressures remain elevated but have not accelerated.
The gold market is struggling to find any solid direction on Friday as U.S. inflation pressures remain elevated but have not accelerated.
Gold rebounds from key support before CPI as value buyers challenge a bearish trend, $100 oil and Treasury yields hovering near 5%.
Gold rose in early Asian trade. Investors are waiting for U.S. CPI data due later Friday for more clues of the Fed's rate path trajectory, DHF Capital S.A said.
Spot gold and silver prices are sharply lower in late-afternoon U.S. trading Thursday, as hotter wholesale inflation, a crude-oil surge and a jump in Treasury yields overwhelmed safe-haven demand tied to the U.S.-Iran war.
Gold is outperforming other precious metals despite the headwinds of higher energy prices and rising Fed hike expectations, but Commodity Trading Advisors (CTA) and major funds could become sellers if gold breaks key support levels, according to commodity analysts at TD Securities.In a Thursday note, TD Securities' Ryan McKay and Bart Melek wrote that while gold has given up some of its recent gains, it continues to outperform the precious complex in relative terms.
Investment demand has been a critical pillar of support for gold in recent years and, while the unsustainable rise in global sovereign debt remains a key driver in the precious metal's long-term uptrend, one research firm is warning investors to keep an eye on another pillar that has weakened.
SEC filings for UGL aren't indexed yet — common for recently launched funds. Browse the issuer's filings on SEC EDGAR directly.