Platinum Price Edges Higher as Market Awaits US CPI Data
The platinum price has edged higher on Tuesday while remaining range-bound ahead of the US CPI data. The eased bets for a September rate hike by the Federal Reserve have bolstered precious metals, leading to cautious trading and FOMO in the market.
The market's focus is on the US inflation data, particularly the consumer price index (CPI) figures set for release on Wednesday. Investors are keen on this release as it will provide further cues on the Fed's rate path. The recent surprise jobs data has already pushed the US dollar to its lowest level since mid-June.
Ahead of the US inflation data, the market appears to have scaled back on hopes for a Fed rate hike in September. This easing of bets has offered support to platinum price and other precious metals. The fear & greed index is currently at 65, indicating a greed level in the market.
Nonetheless, investors remain cautious ahead of the US CPI data. They expect figures that will show inflation cooling off slightly. With the softening headwinds, platinum price will likely trade sideways as the bulls gather momentum to break crucial resistance levels.