Daily digest market movers: Gold price soars ahead of US data release
- July’s Producer Price Index is expected to drop from 0.2% to 0.1% MoM.
- The Consumer Price Index (CPI) is estimated to drop from 3% YoY to 2.9%; core CPI is expected to continue its downtrend from 3.3% to 3.2% YoY.
- Economists expect a jump in US Retail Sales from 0% to 0.3% MoM.
- The golden metal price gathered traction despite reports that China’s central bank restrained itself from purchasing Gold for the third consecutive month.
- The CME FedWatch Tool shows the odds of a 50-basis-point interest rate cut by the Fed at the September meeting at 47.5%, down from 52.5% last Friday.
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