welcome back to our weekly update I'm Charlotte McLeod with the investing News Network and I'm here to give you a quick look at our top stories for the week [Music] the gold price trended up this week after about two months of downward momentum rising to nearly 1960 per ounce Midway through the period the yellow metal kicked into gear on July 12th Rising about 25 after the latest Consumer Price Index data showed that inflation cooled down last month CPI was up three percent year-on-year in


June while core CPI which excludes food and energy was up 4.8 percent both increases are the smallest seen since 2021. the U.S federal reserve has been aggressively raising interest rates in a bid to tame inflation and the new CPI numbers are bolstering the idea that the Central Bank may be coming to the end of its hiking cycle the FED left rates unchanged at 5 to 5.25 percent at its last meeting and although there have been no definitive decisions chair Jerome Powell has indicated that two more boosts are


likely probably of 25 basis Points each gold typically fares better when interest rates are low and comes under pressure when they're higher although the relationship is not exact the fed's next meeting is approaching quickly and will run from July 25th to 26th as you wrap up I want to touch on another piece of bold related news that's been making headlines the experts I speak to here on our Channel have been talking more and more about the potential for a new brics currency and now Russian


state-controlled news agency RT has said the group plans to back this possible currency with gold the brick stations consist of Brazil Russia India China and South Africa and they'll be holding their annual Summit from August 22nd to 24th Russian President Vladimir Putin said at the last brics meeting that plans for a new currency were in play and speculation is Rife about what may happen at this year's upcoming Gathering there isn't much information so far and it's worth noting that an executive at


the new development Bank a financial institution created by the bricks said this past week that a new currency From the Block is more of a medium to long-term ambition we'll be watching the upcoming bricks meeting closely and will keep you informed about any developments that's all for this week if you like this video make sure you subscribe to our Channel we'd also love to hear your thoughts so leave us a comment below we'll see you next time [Music]