Gold rebounds from one-week low as dollar slips
GLD•Gold rose 0.7% to $4,134.08 an ounce after touching a one-week low, as the dollar eased. Traders priced in a 32% chance of a Federal Reserve rate hike this month, up from 22% before September inflation data.
1. Gold edges higher
Spot gold gained 0.7% to $4,134.08 per ounce by 0644 GMT, rebounding from its lowest level since October 7. U.S. gold futures for December delivery rose 1.2% to $4,155.50.
2. Rate outlook in focus
The dollar slipped after reaching an 18-month high overnight. Traders priced in about a 32% chance of a rate hike later this month, compared with 22% before U.S. consumer prices accelerated in September. San Francisco Fed President Mary Daly said further increases would probably be needed, but not urgently; Vice Chair for Supervision Michelle Bowman said there was time to wait.
3. Data due later
Investors were looking to U.S. producer price and retail sales data due at 1230 GMT. Silver rose 0.8% to $56.08 an ounce, platinum fell 0.3% to $1,602.42, and palladium gained 1.4% to $1,108.76.
