Gold ounce price starts the new week with an increase, exceeding the $4,200 threshold
Markets turn their attention to inflation and retail sales data coming from the US.
In the first trades of the new week, the ounce price of gold recorded an increase of 0.4 percent, rising to $4,209. Global markets have turned their attention to the critical inflation and data flow to be announced successively in the US starting from Wednesday.
Spot Gold Starts with an Increase
The ounce price of gold rose by approximately 0.4 percent during Asian trading on Monday, October 12, reaching $4,209. The precious metal, which finished last week around $4,194, gained upward momentum in the first trades of the week.
Oil Prices and Inflation
The drop in Brent crude oil down to around $103.50 levels strengthened expectations that energy-driven inflation pressure might ease. This situation provided some support to gold prices.
Strong Dollar and Bond Pressure
The fact that the US dollar is hovering near an 18-month peak and high bond yields are among the main factors limiting the rise in gold prices. The dollar index stands at 102.14 levels.
Critical US Data Awaited
While a federal holiday was observed in the US on Monday, October 12, due to Columbus Day, the busy data calendar awaiting gold investors will gain momentum starting from Wednesday.
Weekly Data Calendar
US September consumer inflation and the Fed's Beige Book report will be released on Wednesday, October 14. Producer inflation and retail sales will be followed on Thursday, October 15, and import-export prices and industrial production will be followed on the final trading day of the week.
Gram Gold and Fed Expectations
In Turkey, the direction of gram gold is determined by global gold prices together with the USD/TRY exchange rate. This week's US data holds great importance regarding market expectations ahead of the Fed's October 27-28 meeting.