Daily Gold Market Report

US Inflation Challenges Persist:
But Gold Prices Fall Below $2000/oz!?

(USAGOLD – 2/14/2024) Gold prices have continued to decline due to continued selling pressure following significant losses on Tuesday, triggered by the release of a higher-than-expected U.S. inflation report. Gold is trading at $1990.83, down $2.32. Silver is trading at $22.12, up 1 cent. Both headline and core inflation rates for January exceeded expectations, with significant increases in services, particularly in medical care and insurance costs. Despite a decrease in energy prices, food and dining out remain expensive, with notable price jumps in full service and quick service meals. Rent and owner-equivalent rent prices continue to rise, along with auto insurance and travel costs, indicating that inflation is not easing as quickly as hoped. Core goods prices are showing signs of deflation, with notable drops in used car prices. Achieving a 2% inflation target is challenging, with various sectors experiencing different rates of price changes. Treasury yields are increasing, with the 10-year yield expected to test 5% again this year, reflecting a decrease in expectations for Federal Reserve rate cuts.

USAGOLD Comment: As core goods and services get increasingly more expensive for U.S. citizens by the day, and the spending power of the dollar continues to steadily erode, gold prices have reacted today as expected by moving sharply….wait….lower!?!?!  In this ‘up is down’, ‘left is right’ financial world we now live in where nothing seems to make any sense, the only surprise anymore is being surprised to begin with. So with gold inexplicably lower, we thought it would be good to release a special offer.
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