Overnight Market Review (2022.10.14) Gold prices have been consolidating rampantly, but have fallen about 2% so far this week amid fears that the Federal Reserve will raise interest rates sharply again. Meanwhile, signs of tighter supply boosted copper and aluminum prices, offsetting a deteriorating economic outlook.
Earlier on Thursday (13th), data showed that the US CPI in September was higher than expected, and the price of gold once fell below $1,650. However, as risk assets generally rebounded and the dollar fell, the price of gold also recovered most of the lost ground.
However, stronger-than-expected U.S. inflation data still clouded the outlook for gold, giving the Fed more incentive to raise interest rates. At the same time, gold could come under pressure from a stronger dollar in the coming months as U.S. interest rates will continue to rise.
Trading strategy deployment: it is recommended to do more at low levels
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