Gold edges lower as firm dollar, elevated yields weigh
GLD•Spot gold fell 0.4% to $4,147.87 an ounce as the dollar and 10-year Treasury yields rose. Investors awaited next week’s Federal Reserve decision and US inflation data.
1. Prices edge lower
Spot gold fell 0.4% to $4,147.87 per ounce by 2:09 p.m. EDT, while US gold futures for December delivery settled 0.5% lower at $4,160.10. The dollar edged up and 10-year Treasury yields rose 0.6%.
2. Fed decision ahead
Investors are watching next week’s Federal Reserve policy decision and Personal Consumption Expenditures data, the central bank’s preferred inflation gauge. Traders see an 82.8% chance the Fed will leave rates unchanged this month; expectations for a December hike stand at 90%. An analyst said a hawkish Fed message could bring further short-term weakness for gold.
3. Other metals rise
Spot silver gained 0.6% to $57.37 per ounce, platinum rose 1% to $1,646.30, and palladium climbed 0.9% to $1,122.
