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Falling inflation sends gold bulls to a four-week high

Gold prices are trading at a four-week high in a new show of strength as the latest inflation data paints a more encouraging picture. Figures from the Survey of Consumer Expectations for June issued by the New York Federal Reserve show inflation running at 3.8%, a decline of 0.3% from the previous month. The reading is also the lowest on record for fourteen months.

In the wake of this news, gold rallied to around $1,940 – the highest price of the month so far.
A new Consumer Price Index will be issued today (Wednesday) and economists also expect those figures to be cooler than has been the case to date. Markets are calling for a 3.1% increase, down from 4% last month. This data is important because it could make the chances of another Federal Reserve rate hike more unlikely.

MarketGauge’s director of trading education and research Michele Schneider said in current conditions gold remains a key strategic asset. Don’t hold off on making your purchase. Buy now before prices rise further.

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