Gold rebounds from one-week low as dollar slips
GLD•Gold rose more than 1% after hitting a one-week low, as the dollar eased. Spot gold gained 1.3% to $4,158.63 an ounce, while traders priced in a 27% chance of a Federal Reserve rate hike this month.
1. Gold prices rebound
Spot gold rose 1.3% to $4,158.63 per ounce by 0257 GMT on Thursday, after falling to its lowest since October 7 in the previous session. U.S. gold futures for December delivery gained 1.8% to $4,180.00 per ounce.
2. Rate outlook in focus
The dollar slipped after reaching an 18-month high overnight. Traders priced in a 27% chance of a rate hike later this month, up from 22% before September inflation data showed consumer prices accelerated. San Francisco Fed President Mary Daly said further rate increases would probably be needed, but signalled no need to act at the October 27-28 meeting; Michelle Bowman said there was time to wait.
3. Data ahead
Investors were awaiting U.S. producer price and retail sales data due at 1230 GMT. Silver rose 1.1% to $56.26 an ounce, platinum gained 0.3% to $1,611.15 and palladium climbed 1.3% to $1,107.83.
