From Business Standard: 2024-07-12 00:35:49

Gold prices surged following US CPI data release, hitting $2,424.60 on July 11 and closing at $2,414. CPI Y-o-Y came in at 3%, below forecast, boosting rate cut expectations. Fed Chair Powell hinted at rate cuts during testimony, weakening the US Dollar Index and lifting gold prices.
Global gold ETF holdings are at 81.474Moz, with June marking the second month of net inflows this year. US data on PPI and consumer sentiment are due today, with traders eyeing Powell’s speech. Rising odds of rate cuts and economic concerns support a positive outlook for gold, targeting $2,450.



Read more at Business Standard: Gold price outlook, July 12: MCX Gold may hit Rs 74,400, say experts. Check why | News on Markets