Gold creeping closer to $3,700
Gold (GC=F) futures opened at $3,672.80 per ounce on Friday, up 1% from Thursday’s close of $3,636.90. Gold has been trading in a narrow range since Wednesday, yet reached as high as $3,695.50 this morning.
Gold prices did not respond meaningfully to a higher-than-expected Consumer Price Index report for August. Prices rose 0.4% after rising 0.2% in July. Groceries and gas were up 0.5% and 1.9%, respectively. Despite the inflation uptick, investors still expect the Fed to lower interest rates next week in response to a weakening employment situation in the U.S. Lower interest rates could fuel even higher prices.
Learn more: Gold Rises Toward Record as ETFs Expand in Run-Up to Fed Meeting
Gold tends to benefit from lower…
