{"id":2228,"date":"2023-07-29T05:12:35","date_gmt":"2023-07-29T05:12:35","guid":{"rendered":"https:\/\/prendergast.net\/?p=2228"},"modified":"2023-07-29T05:12:35","modified_gmt":"2023-07-29T05:12:35","slug":"gold-prices-push-back-above-1950-as-us-pce-inflation-continues-to-cool-rising-02-in-june","status":"publish","type":"post","link":"https:\/\/prendergast.net\/?p=2228","title":{"rendered":"Gold prices push back above 1950 as US PCE inflation continues to cool rising 02 in June"},"content":{"rendered":"<div id='post-thumb'><img alt='' src='https:\/\/markethive.com\/uploads\/david-ogden\/images\/blog_368331.jpg' style='height:1px; width:1px' \/><\/div>\n<h1>Gold prices push back above $1,950 as U.S. PCE inflation continues to cool rising 0.2% in June<\/h1>\n<p>Gold prices have pushed back above the critical psychologically important $1,950 level as U.S. inflation drops in line with expectations.<\/p>\n<p>Friday, the U.S. Department of Commerce said its core Personal Consumption Expenditures price index increased 0.2% last month, compared to May&#39;s increase of 0.3%. The inflation rose in line with economists&#39; expectations.<\/p>\n<p>Inflation in the last 12 months rose 4.1%, down sharply from June&#39;s 4.6% increase. Annual inflation also came in a tick cooler than expected, with economists looking for a 4.2% rise. Looking at the broader trend, inflation remains stubbornly high, roughly double the Federal Reserve&#39;s target of 2%.<\/p>\n<p>Meanwhile, headline inflation for the last 12 months rose 3.0%, compared to May&#39;s increase of 3.8%.<\/p>\n<p>Although inflation remains stubbornly high, some analysts have noted that it continues to fall in the right direction, giving the Federal Reserve room to leave interest rates unchanged in September. A potential halt to the central bank&#39;s tightening continues to support gold prices.<\/p>\n<p>August gold futures last traded at $1,955.90 an ounce, up 0.55% on the day.<\/p>\n<p>Analysts note that growing cracks in consumption also support gold prices. The report noted that personal income is not keeping up with consumption.<\/p>\n<p>Personal income increased 0.3% in June, compared to May&#39;s revised increase of 0.5%. The data missed expectations as economists looked for a 0.5% increase.<\/p>\n<p>Meanwhile, consumers appear to be dipping into their credit to meet their shopping needs. The report said that consumption increased by 0.5% last month, compared to May&#39;s increase of 0.2%. Spending came in higher than expected, with consensus estimates calling for a 0.4% increase.<\/p>\n<p>By<\/p>\n<p>Neils Christensen<\/p>\n<p>For Kitco News<\/p>\n<p><a href=\"https:\/\/kms.kinesis.money\/signup\/KM13461268\">Time to Buy Gold and silver<\/a><\/p>\n<p><\/p>\n<p>Tim Moseley<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold prices push back above $1,950 as U.S. PCE inflation continues to cool rising 0.2% in June Gold prices have pushed back above the critical psychologically important $1,950 level as U.S. inflation drops in line with expectations. Friday, the U.S. Department of Commerce said its core Personal Consumption Expenditures price index increased 0.2% last month, &hellip; <a href=\"https:\/\/prendergast.net\/?p=2228\" class=\"more-link\">Continue reading <span class=\"screen-reader-text\">Gold prices push back above 1950 as US PCE inflation continues to cool rising 02 in June<\/span> <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[290,291],"_links":{"self":[{"href":"https:\/\/prendergast.net\/index.php?rest_route=\/wp\/v2\/posts\/2228"}],"collection":[{"href":"https:\/\/prendergast.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prendergast.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prendergast.net\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prendergast.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2228"}],"version-history":[{"count":0,"href":"https:\/\/prendergast.net\/index.php?rest_route=\/wp\/v2\/posts\/2228\/revisions"}],"wp:attachment":[{"href":"https:\/\/prendergast.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2228"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prendergast.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2228"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prendergast.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2228"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}