Gold price stable: US inflation data as a possible stimulus - expert analysis

The gold price is relatively stable at the elevated level. The US inflation data announced for Thursday could provide new stimulus.

by Jörg Bernhard

Investors will then find out how consumer prices developed in December. According to a survey of analysts published by Trading Economics, annual inflation is expected to have increased from 3.1 to 3.2 percent, while core inflation is forecast to fall from 4.0 to 3.8 percent. Since the interest rate fantasy has noticeably diminished, the upward momentum of the yellow precious metal came to a halt at the start of the year. The FedWatch tool from futures exchange operator CME Group currently shows a 60 percent probability that we will see lower interest rates in March than today, after a value of 79 percent was shown here a week ago. Basically, it should be noted that the prospect of falling interest rates should be seen as a positive circumstance, after all, it is particularly easy for gold owners to waive interest. In addition, the numerous trouble spots and the non-existent counterparty risk speak in favor of the tried and tested crisis currency gold in the long term.

On Tuesday morning, the gold price had recovered. By 8:15 a.m. (CET), the most actively traded gold futures (February) had risen by $6.70 to $2,040.20 per troy ounce.

Crude oil: attempt at stabilization

After yesterday's price drop, the price of oil is currently bottoming out. From a chart perspective, however, there is no danger yet, as the fossil fuel is moving relatively comfortably above an important support zone. However, the price reduction announced by Saudi Arabia for Asian customers fueled new concerns about demand among market players. The American Petroleum Institute's weekly report, which is scheduled to be published at 10:30 p.m. and could significantly influence the trend for tomorrow's trading day, is now likely to attract increased attention. According to a survey of analysts published by Trading Economics, the amount of oil stored in the USA is said to have reduced by 1.2 million barrels.

On Tuesday morning, the price of oil fell. By around 8:15 a.m. (CET), the next due WTI future had increased in price by 0.03 to $70.80, while its Brent counterpart rose by 0.16 to $76.28.

Editorial team finanzen.net

Image source: Worldpics / Shutterstock.com, Julian Mezger, Worldpics / Shutterstock.com, Lisa S. / Shutterstock

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