Today, the price of gold showed an increase to $1,967.59 after experiencing a decrease since last Friday at a value of $1,934.38. The last time gold reached that price was at the end of July 2023.
This increase is due to the weakening of the US Dollar and bond yields after inflation data showed a further decline in October.
Spot gold prices increased by 0.2% to $1,965.83 per ounce. Meanwhile, the US gold futures price rose 0.2% to $1,969.50.
According to Ilya Spivak, Tastylive's Head of Global Macro thinks that there are still some elements of geopolitical risk lurking and it seems that the market is still factoring in the development of the ongoing Israel-Hamas war.
US inflation data published yesterday showed US consumer prices were unchanged in October and the annual rise in core inflation was the lowest in two years.
Additionally, the dollar index hit a low and made gold cheaper while the 10-year Treasury yield (US10Y) fell to a near two-month low.
Investors are now awaiting tonight's US retail sales and producer price index (PPI) data for additional clues on the Federal Reserve's interest rate setting.
Economists also forecast a 0.1% increase in PPI last month compared to a 0.5% increase in September.
