Before US inflation data could impact Federal Reserve's monetary policy, Gold increased as the dollar continued its decline from a record high. Metal prices rose as the dollar fell for a second day, on 12th September 2022, which helped commodities with dollar price tags. After falling in August 2022 due to the dollar rise, Gold found a floor near $1,700 per ounce this month. The production volume of gold and silver in the United States increased significantly this year 2022 compared to the last year 2021, according to GlobalData.
The quick turnabout occurs shortly after traders turn against the metal, which might speed up price increases if traders repurchase the futures to limit losses. The Commodity Futures Trading Commission figures show that hedge funds trading on the Comex (the main futures and options market for trading metals like gold, silver, copper, and aluminum) significantly increased their bearish wagers last week to the highest level in a month.
According to those with knowledge of the discussion, the European Central Bank raised rates by 75 basis points last week and is poised to do the same when the committee meets in October 2022. The action bolsters the euro's position versus the dollar and relieves some pressure on bullion.
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