Gold eases on strong dollar, oil prices; US inflation data eyed
GLD•Gold fell 0.5% to $4,172.36 an ounce after reaching a one-week high, pressured by a firmer dollar and higher oil prices as investors awaited US inflation data. December gold futures also fell 0.5% to $4,196.20 an ounce.
1. Gold retreats
Spot gold fell 0.5% to $4,172.36 per ounce by 9:44 a.m. EDT on Monday, after reaching its highest level since October 2 earlier in the session. US December gold futures dropped 0.5% to $4,196.20 per ounce.
2. Inflation data ahead
Investors are watching for US Consumer Price Index data on Wednesday and Producer Price Index and retail sales data on Thursday, as well as remarks from Fed Chair Kevin Warsh. Jim Wyckoff of American Gold Exchange said the dollar was near a one-and-a-half-year high and that the reports would probably lean bearish for metals if they showed no easing in inflation.
3. Other metals slip
The US government and bond market were closed for Columbus Day. Spot silver fell 0.5% to $60.51 per ounce, platinum slipped 0.2% to $1,684.63, and palladium was steady at $1,148.15.
