Today on Friday (November 11), gold continued to fluctuate and fell in intraday trading.gold priceThe decline was maintained below $1750/oz, and the key range for gold was 1730-1780.
The dollar fell sharply on Thursday after U.S. consumer prices rose less than expected in October and signaled that core inflation had peaked, cheering data that could prompt the Federal Reserve to slow the pace of interest rate hikes.
A slowdown in the consumer price index (CPI) triggered a surge in major currencies against the dollar, with the yen posting its biggest one-day gain since 2015 and the pound posting its biggest one-day gain since 2017.
Headline inflation fell below 8 percent on an annualized basis for the first time in eight months, and a pullback in inflation sent Treasury yields plunging and sent yields on the benchmark 10-year note their biggest one-day drop since March 2009.
Stocks soared, with the Nasdaq soaring more than 6% in midday trade. But Cleveland Fed President Mester said it was too early to signal an all-clear, as the main risk to inflation is that the Fed doesn’t raise rates enough.
Looking forward to the market outlook, the Fed will slow down the pace of interest rate hikes, and the market focus will turn to concerns about economic recession and financial stability, which can continue to maintain the overall bullish direction of gold, and the upper space is focused on $1,800.
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Responsible editor: Zhang Jingdi