Will US inflation data push gold prices higher or lower? [Video]
|With the Employment Report now in the rear-view mirror, U.S Consumer Price Inflation data is anticipated to be the next big market-moving event that traders will not want to miss!
Signs of inflation are growing more obvious day by day with consumers now paying more for goods and services than they did a year ago.
That view was echoed by Federal Reserve Chair Jerome Powell last week during his testimony before Senate, where he stated that he no longer viewed inflation as “transitory”.
November’s Consumer Price Inflation data will give the Fed evidence of how quickly inflation is progressing and whether a faster withdrawal of its monthly purchases would be warranted. That debate is expected to happen at the central bank’s next FOMC policymaking meeting on December 14-15.
Looking ahead, traders have now shifted their attention to Friday’s critical inflation reading for clues on the precious metal's next big move. The reading is expected to show a gain of nearly 6.7%, which would be the largest year-over-year jump in consumer prices since the early 1990s.
Where are prices heading next? Watch The Commodity Report now, for my latest price forecasts and predictions:
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