Gold investors eye US inflation data to be shared at 16:30 today

Gold investors are focused on the US inflation data, which will be released today. Gold prices rose after Powell’s speech, which outlined his tough stance on inflation. Gold prices rose after a speech by Fed Chairman Jerome Powell and declined after climbing to the top of the last week. Gram gold is moving above $800 with the rise in global gold prices and the high course in dollar/TL.

Gold investors are focused on the US inflation data, which will be released at 16:30 today after Powell’s statements. Inflation in the country was 6.8 percent per annum in November.

In his speech, Powell suggested that the US economy is developing at the fastest pace, and the labor market is recovering “incredibly”.

In his assessment about rate hikes he said “If necessary, Fed will go for a more aggressive hike in interest rate to cool inflation”. He went on to say they had updated monetary policy framework and the increase in inflation was associated with disturbances of the pandemic.