The Price of Gold Surpasses $2400 per Ounce
Gold prices have soared above $2400 per ounce, breaking new records and surprising investors. This surge comes as a result of slowing inflation in the United States, according to reports by CNBC. The latest data from the US Department of Labor shows that consumer prices have increased by 3%, down from 3.3% in May. Analysts are now eagerly awaiting signals from the Federal Reserve regarding possible interest rate cuts in the coming months.
European Stock Markets Close with Gains
Following news of the inflation slowdown in the US, leading European stock market indexes have closed with gains. The Stoxx 600, a pan-European index, has seen a positive trend, with investors reacting positively to the latest economic developments. This news has sparked optimism among traders and analysts, who are closely monitoring the situation for further insights into global market trends.
Stock Market Update
The stock market saw mixed results today, with the index gaining 0.6% to close at 519.51 points. Media stocks were the main drivers behind this increase, as they dropped by 0.9%. On the other hand, companies offering utility services saw a growth of 1.78%.
European Markets
In Europe, the French CAC 40 rose by 0.71% to reach 7627.13 points, while the German DAX added 0.69% to close at 18,534.56 points. The leading index of the London Stock Exchange, the FTSE 100, increased by 0.36% to 8223.34 points.
Oil Prices
The news of inflation slowing down led to a minimal increase in the price of American light crude oil (WTI), rising by 0.1% to $82.19 per barrel.
Oil prices remain stable in August
In August, oil prices remained stable with European “Brent” contracts losing a minimal 0.04%, trading at $85 per barrel. Since the beginning of the year, this benchmark has increased by over 10%.
Currency market shows slight changes
In the currency markets, the value of the euro saw a slight change to $1.0865. Data showing a 0.4% growth in the British economy in May supported the pound to reach a one-year peak against the US dollar, trading at $1.2909 per British pound. Analysts are feeling positive about the situation.
Gold Prices Rise After Change in UK Leadership
After a change in leadership in the United Kingdom, the price of gold increased by 1.7% to $2419.90 per ounce. The precious metal reached a record high price on May 20, hitting $2449.89 per ounce.
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