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Gold Price Prediction: XAU/USD soars above $1,780 amidst a turbulent US Dollar; US CPI in the focus

Daniel Rogers

Dec 13, 2022 12:07

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Gold price (XAU/USD) rebounded after falling below the critical level of $1,780.00 during the Asian session. The precious metal had a significant decline on Monday as investors anticipate the Federal Reserve (Fed) to signal a higher interest rate peak for CY2023.

 

A resurgence in the price of gold is contingent on an improvement in risk appetite. The US Dollar Index (DXY) has fallen below 105.00 in early trading, and further losses are anticipated in the days ahead. On Monday, S&P500 futures rebounded well as investors shrugged aside the uncertainty caused by inflation predictions. Yields on 10-year US Treasuries have under pressure and fallen below 3.60 percent as the Fed is very likely to signal a pause in future interest rate hikes.

 

A fall in one-year consumer inflation forecasts in the United States has also diminished consensus on casual inflation statistics. In November, the economic data decreased to 5.2% from 5.9% in October, marking the largest one-month loss on record. The headline inflation rate is anticipated to decline to 7.3% from 7.7%.

 

Analysts at JP Morgan Chase & Co. believe that a weak reading of the United States Consumer Price Index (CPI) might unleash a significant surge in U.S. stocks. Bloomberg reports that the 500-stock index of the United States might gain up to 10% if headline inflation falls to 6.9% or less.

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