During the beginning of Tuesday’s European afternoon on 14 November 2023, according to the statements of economic correspondents in connection with financial strategists of the commodity market, the price of investment gold stagnates, as investors, traders and other participants in the financial markets are waiting for the data of the American CPI index (Consumer Price Index), which de facto is an indicator of the current level of inflation. This CPI index thus expresses the price level as the average price level of a set of products and services consumed by the average household. So it compares the cost of buying a certain fixed set of goods.
Currently, during the European afternoon of Tuesday, November 14, 2023, at approximately 13:24 CET, which corresponds to roughly an hour and a few minutes until the publication of the CPI index data, the price of investment gold on the commodity market COMEX (Commodities Exchange Centre) traded at USD 1,949.20 per troy ounce with a -0.05% drop in its price so far. This current gold price according to technical analysis data indicates that the value of investment gold has increased by +4.37% of its price in the last 52 weeks on a yearly basis, from which since the beginning of this year 2023 the price of investment gold has increased by +2.03% its price compared to the value it reached at the end of last year in 2022.
This current gold price was reached in a situation where the exchange value of the US dollar (USD), as the central currency of the commodity market, according to the dollar index DXY (US Dollar Currency Index) was at a point level of USD 105.53 points with a daily decrease of – 0.10% of the point value according to this index, which compares the value of the USD with another six major world currencies. On the indicated day and time, the global currency pair of the single European currency, the euro (EUR) and the US dollar (USD), as the world’s reserve currency, was traded as part of the forex operations of the foreign exchange market at a mutual exchange rate at a value of 1.072 USD per EUR with the previous by the daily strengthening of the EUR by +0.24% against the USD.
The statements of gold trading experts are currently based on the expected data on inflation in the USA, because the unequivocal prediction of the further development of the gold price is influenced by other factors, including, for example, the European financial market, which for the time being has also not provided a clear prediction of the trading trend. On Tuesday, 14 November 2023, the course of trading on the European stock market is, according to analysts of brokerage companies, strongly mixed, and investors are still evaluating data on the gross domestic product (GDP) of the eurozone. “Gold appears on alert ahead of key US inflation report. Further evidence of cooling inflationary pressures may strengthen the argument that the Fed is done with price hikes…, FXTM Senior Research Analyst Mr Lukman Otunuga said.