Gold Hits New Record Highs Following US PPI Data

gold image

Gold prices surged to new all-time highs of $2,535 on Thursday following the release of US Producer Price Index (PPI) data. The data suggests that

Gold prices surged to new all-time highs of $2,535 on Thursday following the release of US Producer Price Index (PPI) data. The data suggests that inflation may be moderating, leading to a weaker US Dollar (USD) and boosting gold prices.

US PPI Data

The US PPI ex Food & Energy rose by 2.4% in August, slightly below expectations. Monthly core PPI rose by 0.3%, while headline PPI rose by 1.7%.

Jobless Claims

Initial Jobless Claims rose to 230K in the week ending September 6, while Continuing Jobless Claims increased slightly.

Technical Analysis

Gold’s bullish trend has been strengthened by the breakout above its multi-week sideways range. The next potential target is $2,550. A break above this level could lead to further gains.

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