Gold slips as Fed hike bets linger ahead of US inflation data
GLD•Spot gold fell 0.8% to $4,035.28 per ounce, while US gold futures dropped 0.1% to $4,047.10, as traders priced in about a 90% chance of a December Fed rate hike ahead of US PCE inflation data.
1. Gold prices fall
Spot gold fell 0.8% to $4,035.28 per ounce by 1121 GMT on Thursday, while December US gold futures slipped 0.1% to $4,047.10. Bullion was on track for its second straight monthly decline.
2. Inflation data awaited
The Federal Reserve kept rates unchanged on Wednesday, leaving a December hike in play as it awaits more inflation data. US Personal Consumption Expenditures data, the Fed's preferred inflation gauge, was due at 1230 GMT. Traders were pricing in about a 90% chance of a rate hike in December.
3. Other metals also decline
Han Tan, chief market analyst at Bybit, said gold could fall below $4,000 if PCE figures exceed market expectations. Silver fell 1.9% to $52.9341 per ounce, platinum dropped 2.9% to $1,493.71 and palladium slid 1% to $1,000.91; all three were headed for a second straight monthly decline.
