Gold moderately expensive on concerns about the U.S. economy
Gold prices this morning show positive dynamics - As of 9:53 a.m. the price of a troy ounce on the Comex rose 0.09% to $1762.40 per troy ounce. Demand for of the precious metal is supported by players' concerns about the state of the U.S. economy, which risks turning into stagflation. Market participants' fears are caused by continuing high inflation in the United States. As expected by analysts, in September it will be 5.3%, remaining at the level of the previous month. This more than twice the target level of the U.S. Federal Reserve, which is 2%. The prolonged persistence of inflation at this level, combined with moderate rate of economic growth in the country, which is highly likely to continue, is encouraging investors to look to attention to safe-haven assets, particularly gold. They are also more cautious. The U.S. regulator's move to tighten monetary policy also encourages them to be more cautious. tighter monetary policy, as it demonstrated at the at the last meeting.