Today, gold is still close to its lowest price in two months and was trading below the levels of $2,000 per ounce, as the inflation report in the United States prompted traders to reduce their bets on greater cuts in US interest rates after the consumer price index numbers came much higher than expected.
By eight o'clock in the morning GMT, gold settled in spot transactions at $1,986 per ounce after recording its lowest levels since December 13. The yellow metal fell about 1.4 percent yesterday in the largest daily decline since December 4, and American gold futures contracts fell 0.1 percent to $2,005.00. per ounce.
Kelvin Wong, chief market analyst for the Asia-Pacific region at OANDA, said that gold was under pressure after the US inflation report showed that the consumer price index rose more than expected in January, adding that this led to a delay in the expected timing of the Federal Reserve (the US central bank) cutting... The interest rate as well as the size of the reductions during the current year.
Data yesterday, Tuesday, showed that the consumer price index rose 3.1% on an annual basis, which exceeds expectations that indicated a 2.9% increase. Accordingly, the dollar index approached a three-month peak, while 10-year Treasury bond yields approached the highest level in two months. And a half month.
