Gold subdued with spotlight on US inflation data
GLD•Spot gold fell 0.2% to $4,161.81 per ounce as markets awaited US inflation data for signals on the Federal Reserve’s rate path. Markets assign an 88% likelihood of a December rate hike.
1. Gold prices ease
Spot gold was down 0.2% at $4,161.81 per ounce by 0015 GMT, after reaching a one-week peak in the previous session. US gold futures for December delivery fell 0.1% to $4,186.60.
2. Inflation data in focus
Markets are awaiting the US Consumer Price Index report due Wednesday and the Producer Price Index report scheduled for Thursday. Cleveland Fed President Beth Hammack said the central bank should move “relatively quickly” to a restrictive monetary policy stance to control inflation. The Fed is widely expected to hold rates this month, while markets assign an 88% likelihood of a rate hike in December.
3. Other metals decline
The US dollar lingered near an 18-month high, making dollar-denominated metals more expensive for holders of other currencies. Silver fell 0.4% to $60.09, platinum eased 0.3% to $1,680.95 and palladium lost 0.7% to $1,135.70.
