Gold prices (XAUUSD) increase inlight of the U.S. announcing their new inflation rate - Chart Of The Day By FXMAG.COM

Gold prices (XAUUSD) increase inlight of the U.S. announcing their new inflation rate - Chart Of The Day By FXMAG.COM

Gold prices increase inlight of the U.S. announcing their new inflation rate. We know that gold acts as a useful hedge tool against rising inflation. The highest price gold traded at today went to $1969.76. As you may already know, today the Fed announced the new U.S. inflation rate, which now sits at 8.5%.

Gold is still gaining

Naturally after this announcement investors would turn to gold to protect their investments from inflation. We see this reflected in the graph above. In spite of the US pushing up treasury yields to try to fight inflation, gold is still gaining.

Chart of the day: Gold is gaining - 1

Price Chart of Gold

Related article: ECB To Shock Markets In The Following Week!? US Dollar Rate Under Pressure As Well!

Source: Finance.yahoo.com

Graph: Tradingview.com

Rebecca Duthie

Rebecca Duthie

Remote Editor and writer Intern
FXMAG.COM

Rebecca has a bachelors degree in Investment Management, a Post Graduate Diploma in Financial Planning and is currently enrolled in a Masters program in International Management with a Specialization in International Finance.