Gold Shows Resilience After Upbeat Inflation Data - Peter Hug

Despite the upbeat U.S. inflation data Thursday, Kitco’s Peter Hug points out that gold prices remain resilient. The U.S. Consumer Price Index rose 0.4% in August, higher than expected, which investors saw as more ammo for the Federal Reserve to raise interest rates this year. Gold prices fell to daily lows on the news but later moved higher, which to Hug is a positive sign. ‘I think traders bought the dip. You need to buy these dips,’ he said. ‘I’m still firm in my belief the Fed is not going to move in September.’ (show less)

Despite the upbeat U.S. inflation data Thursday, Kitco’s Peter Hug points out that gold prices remain resilient. The U.S. Consumer Price Index rose 0.4% in August, higher than expected, which investors saw as more ammo for the Federal Reserve to raise interest rates this year. Gold prices fell to daily lows on the news but later moved higher, which to Hug is a positive sign. ‘I think traders bought the dip. You need to buy these dips,’ he said. ‘I’m still firm in my ... (read more)

For Pete's Sake!
For Pete's Sake!

From the latest market-making swings to the forward-looking important events that could impact the markets, For Pete's Sake with Peter Hug breaks down the news. He reviews the latest information coming out of North America, Europe and Asia to help you decide how to play the week. Tune in every week to get his key price ranges for gold and find out why he hates to talk about the Fed.

 

Disclaimer: The content on this website, including, without limitation, news, videos, interviews and commentaries, is provided by Kitco Metals Inc. ("Kitco") for informational purposes only and is not intended as any form of advice, whether legal, accounting, investment, financial or tax advice. Therefore, it cannot be relied upon as such. Should you require such advice, contact a licensed professional. The content provided herein is provided on an "as is" basis without any warranty of any kind, whether express or implied and your use of the information provided in said content is entirely at your own risk. In no event will Kitco be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content on this website.