Gold Price Plummets Below $2,000 After US CPI Data
TL;DR Summary
Gold prices plunged to a two-month low after higher-than-expected US CPI data led to a hawkish repricing of Fed interest rate expectations, boosting US Treasury yields and the dollar. The Nasdaq 100 suffered a 1.5% setback as rising US rates posed challenges for stocks, with key support at 17,555 and resistance at 18,125. EUR/USD dropped to a three-month low, closing below support at 1.0720, with potential targets at 1.0650 and 1.0520.
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- Gold futures fall toward ‘critical support point’ of $2,000 an ounce after inflation report MarketWatch
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