Gold gains as oil, dollar retreat; investors brace for US inflation test
GLD•Spot gold rose 0.3% to $4,184.84 an ounce and US gold futures gained 0.4% to $4,209 as oil and the dollar retreated ahead of US inflation data. September CPI is due Wednesday and PPI Thursday.
1. Gold edges higher
Spot gold rose 0.3% to $4,184.84 per ounce by 1133 GMT, while US December gold futures gained 0.4% to $4,209. Oil prices were on track for their first decline in nearly a week, the dollar slipped from 18-month highs and the 10-year Treasury yield fell to its lowest since October 2.
2. Inflation data in focus
September CPI is due Wednesday, followed by PPI and retail sales on Thursday. Traders see a 17% chance of a Federal Reserve rate hike this month and an 87% chance of an increase in December. Cleveland Fed President Beth Hammack said the central bank should move “relatively quickly” to a more restrictive policy stance to control inflation. UBS analyst Giovanni Staunovo said the bank expects gold to stabilize and resume its uptrend toward year-end and into 2027.
