Gold set for a weekly drop as traders assess Fed signals
GLD•GLD•GLD•GLD•Gold was down 0.7% for the week as hotter-than-expected US inflation data and uncertainty about the Federal Reserve’s rate path weighed on prices. Spot gold was down 0.1% at $4,165.12 an ounce on Friday.
Spot gold was down 0.1% at $4,165.12 per ounce on Friday and was on track for a 0.7% weekly loss. US gold futures for December delivery settled 0.3% higher at $4,181.10 per ounce.
Federal Reserve Chair Kevin Warsh offered no clues about the rate path after expressing optimism about the US economy. Producer prices rose by the most in 4-1/2 years last month, following September consumer price data showing accelerating inflation. Traders largely expect rates to hold this month, while pricing in a 90% chance of a December hike, according to the CME FedWatch Tool.
Silver fell 0.7% to $57.05 per ounce, platinum was unchanged at $1,626.15, and palladium declined 1.1% to $1,113.61. All three metals were headed for weekly losses.
