Gold pushes toward $1900 mark in advance of CPI data
‘Once you get into the 1900s, it becomes a gravitational pull toward $2000.’

(USAGOLD – 1/12/2023) – Gold pushed toward the $1900 level in advance of today’s inflation data. It is up $10 at $1888. Silver is up 37¢ at $23.85. The consensus view is that the CPI will come in at 6.5% – a significant drop from the 7.1% reading in November that might inspire a more dovish Fed. Financial Times attributes gold’s 15% rise since early November to expectations that the Federal Reserve “will slow the pace of its increases in borrowing costs as inflation eases off its highs.” It quotes Blue Line’s Phillip Streible as saying gold could break through $1900 if today’s inflation reading comes in weaker than expected. “Once you get in the 1900s,” he says, “it becomes a gravitational pull towards $2,000.”

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