Gold subdued ahead of US inflation data, Warsh remarks
GLD•Spot gold fell 0.3% to $4,157.90 an ounce as investors awaited US CPI data on Wednesday, PPI data on Thursday and remarks from Fed Chair Kevin Warsh. December US gold futures settled down 0.3% at $4,177.30 an ounce.
1. Gold edges lower
Spot gold fell 0.3% to $4,157.90 per ounce by 2:15 p.m. EDT, while December US gold futures settled down 0.3% at $4,177.30. Investors awaited US inflation data and remarks from Fed Chair Kevin Warsh to gauge the monetary policy outlook.
2. Markets await data
The Consumer Price Index is due Wednesday, followed by the Producer Price Index and Warsh’s remarks on Thursday. The dollar and 10-year Treasury yield slipped from their highs. Traders saw a 19% chance of a Fed rate hike this month and priced in an 88% chance of an increase in December.
3. Rates and other metals
Fed Governor Christopher Waller said the recent rise in US bond yields reflected stronger economic growth rather than higher inflation expectations, which he said remained well anchored. Silver fell 1.8% to $59.25 per ounce, platinum declined 1.4% to $1,661.18, and palladium dropped 1.5% to $1,126.95.
