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Market News International gold prices continued to fall, four countercurrents attacked, and investors waited for U.S. inflation data

International gold prices continued to fall, four countercurrents attacked, and investors waited for U.S. inflation data

On Friday (June 10), international gold prices continued to fall, as U.S. bond yields rose, raising the cost of holding gold, a non-yielding asset. Investors are awaiting the upcoming release of U.S. inflation data. Some institutions believe that the US economy is at the intersection of four countercurrents.

2022-06-10
8819
On Friday (June 10), international gold prices continued to fall, as U.S. bond yields rose, raising the cost of holding gold, a non-yielding asset. Investors are awaiting the upcoming release of U.S. inflation data. Some institutions believe that the US economy is at the intersection of four countercurrents.

At GMT+8 15:26, spot gold fell 0.14% to US$1,845.46 per ounce; the main COMEX gold futures contract fell 0.27% to US$1,847.9 per ounce; the US dollar index fell 0.19% to 103.116.


GMT+8 At 20:30 on Friday, the US will release inflation data for May. The market expects that the overall and core CPI of the United States are expected to rise by 8.3% and 5.9% year-on-year respectively in May. The market believes that in the face of such a large upward price pressure, the Fed needs to maintain aggressive quantitative tightening measures.

The survey showed that the Fed will continue the pace of May rate hikes in June and July - continuing to raise interest rates by 50 basis points each. The likelihood of continuing to take similar steps in September has also increased, and the Fed's current cycle of rate hikes will continue into next year.

Stephen Innes, managing partner at SPI Asset Management, said: "The market is in consolidation mode this week ahead of key U.S. CPI data tonight. The data could have a big impact on the Fed's policy direction beyond September."

"Right now, we're at the intersection of four headwinds -- slowing U.S. growth, Fed tightening, higher interest rates and blazing inflation," said David Sekera, chief U.S. market strategist at Morningstar.

"The Fed's hawkish stance, rising real interest rates and a stronger dollar have overshadowed the gold market, and the gradual exit of extremely loose fiscal and monetary policy has weighed on sentiment," ANZ Research said in a note.

According to the latest data from the Chicago Mercantile Exchange Group, open interest in the gold futures market fell again on Thursday, down about 2,500 contracts. On the other hand, volume increased for the third day in a row, this time by nearly 10,000 contracts. Open interest shrank after gold prices fell to the $1,840 area, suggesting that further gains in gold prices seem unlikely and will continue to consolidate for the time being.

Joseph Trevisani, senior analyst at FXStreet, said: "While the Fed's policy in at least the next two meetings will not be affected by the May or June CPI data, there is still considerable room for the market to react based on deviations from expectations.
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