Spot Gold Jumps 2.2% Above $4,000 as U.S. CPI Drop Eases Fed Hike Pressure
Updated
Updated · Kitco NEWS · Jul 14
Spot Gold Jumps 2.2% Above $4,000 as U.S. CPI Drop Eases Fed Hike Pressure
3 articles · Updated · Kitco NEWS · Jul 14
Summary
$4,089.10 spot gold and $59.12 silver climbed sharply before the North American open, lifting gold back above $4,000 and silver toward its 50-period moving average.
June U.S. CPI fell 0.4% month on month, with annual headline inflation slowing to 3.5% and core CPI easing to 2.6%, undercutting expectations for another near-term Fed rate hike.
The softer inflation print pushed the dollar lower and pulled 10-year Treasury yields off early highs near 4.6%, improving the immediate backdrop for precious metals.
Brent at $86.73 and WTI at $80.55 still reflect a risk premium from U.S.-Iran strikes and severe shipping risk in the Strait of Hormuz, keeping a defensive bid under gold.
Traders are now watching Fed Chair Kevin Warsh's testimony, Treasury yield follow-through and whether gold can clear $4,091-$4,107 resistance as oil risks threaten to revive July inflation.