Skip to main content

MoneyWorks4Me

Gold futures end higher as dollar descends after US inflation data

14 Jul 2022 Evaluate
Gold futures ended higher on Wednesday, whetted by the descent in dollar value after US CPI Index hits 9.1% in June. Dip in dollar value makes the green back denominated bullion cheaper for third currency holders. Additionally safe haven appeal of the bullion got spurred, as the ultra-hot inflation and the potentially aggressive interest rate hikes by Federal Reserve intensified global recession fears.

Gold futures for August up by $10.70 or 0.60% to $1735.50 ounce on the Comex division of the New York Mercantile. Spot gold was higher by 0.1% to $1728.09 per ounce.