The critical day for gold prices has arrived. Following a seven-week low, gold has started to climb again. Investors in the gold market are eagerly awaiting a pivotal announcement set for 3:30 PM today.
Last week, gold prices saw a dramatic dip following Donald Trump’s victory in the U.S. presidential election. Gold, which had been setting record highs, took a hit as prices per ounce dropped to as low as $2,589 after a sharp upward trend paused.
Today, markets are focused on inflation data to be released in the United States. This data, which has the potential to influence the Federal Reserve’s decisions, is highly anticipated by market participants. In September, U.S. inflation was reported at 2.4% year-over-year and 0.2% month-over-month.
The October inflation figures to be released today could prompt sudden fluctuations in gold prices. Yesterday, the price of an ounce of gold fluctuated between $2,627 and $2,589, closing at $2,598. This morning, gold has been attempting to recover, reaching around $2,606 at 8:41 AM in early trading.
