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The U.S. Consumer Price Index came in at 8.5% in July and was lower than the market expectation of 8.7%, following June's 9.1% annual gain. Core inflation, which strips out volatile food and energy costs, accelerated 5.9% from a year ago, surprising slightly on the downside but maintaining the same pace as in June.
"[I haven't] seen anything that changes" the need to raise the rates to 3.9% by year-end and to 4.4% by the end of 2023, Kashkari added. The fed's funds rate is currently in the 2.25%-2.5% range. The Main Street side remained bullish for next week. Out of 216 retail participants, 42.1% expected higher prices, 28.7% called for a move lower, and 29.2% remained neutral, Kitco's survey showed.The U.S. dollar is likely to weigh on gold next week as the greenback rebounds, according to analysts.
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Source: globeandmail - 🏆 5. / 92 Read more »