Gold price rises towards three-week consecutive rise Analyst: Conditions ripe for new highs at the end of the year

Gold prices fell on Friday on July 12, but gold prices are still expected to record a third consecutive week of pump as United States inflation data came in lower than expected, boosting hopes that the Federal Reserve will cut interest rates in September. Thursday's data showed that United States consumer prices unexpectedly fell, with the smallest year-on-year increase, leaving the Fed one step closer to cutting interest rates. The inflation outlook and the Intrerest Rate scenario are positive for gold this week. As we move closer to a low Intrerest Rate environment, the conditions may be ripe for gold to reach new highs by the end of the year. Tim Waterer, chief market analyst at KCM Trade, said. Investors are currently focusing on United States PPI data due tonight. The PPI data could be the key to deciding which side gold is on at the $2,400 level at the end of the week, Waterer said.