The price of gold rose sharply on Tuesday and reached the level of $1803 per ounce, although data showed that US inflation in August grew at the slowest pace in seven months.
A lower-than-expected consumer price index led to a weakening of the US dollar and to support gold prices. The inflation data also weakened expectations of an early reduction in the Fed's monetary policy. Indicators of consumer price growth and the employment market will be key factors for the Fed's further steps next week. So far, the regulator's position implies a reduction in monthly purchases of $120 billion of mortgage-backed securities by the end of the year. Preliminary statements show that the reduction will begin this year and will be completed in the first half of 2022. Officials assessed the reduction in hiring in the labor market as a temporary phenomenon. The Fed's Beige Book report showed a decrease in the degree of activity in the US economy in August amid a surge in morbidity. The next meeting of the US Central Bank will be held next week, in connection with which there are no speeches by representatives of the Fed in the coming days.
The forecast assumes further strengthening of the gold price to the resistance levels of 1810, 1815 and 1825 dollars per ounce.