Dubai gold prices: Rates dip in UAE today but set for huge monthly gain
Data released last week showed a key indicator of US inflation cooled in June to the lowest annual rate in over two years, though it remains above the central bank’s target. The Federal Reserve’s preferred gauge of inflation, the personal consumption expenditures (PCE) price index, rose 3.0 per cent last month from June 2022, down from a 3.8 per cent jump in May.
Some analysts say that though the market is pricing in all the good news on inflation, any signs of strength in US Jobs market might raise the odds of a September hike from US Fed. Dollar might stay buoyed amid US economic outperformance compared with the peers might pressurize gold prices. Geopolitical news apart, other key events to watch out for include China stimulus measures, which could impact global commodity prices.
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