Gold inches higher as softer US inflation dims October Fed hike bets
- Spot gold rose 0.5% to $4,175.19 per ounce, while spot silver gained 1.2% to $61.11, starting October on a positive note after a more than 6% fall in September.
- Data on Wednesday showed inflation rose less than expected, with price pressures revised lower. Markets reduced rate-hike expectations to a 38% chance from 45% before the release.
- Traders still see a 97% probability of an increase in December. Limiting gains for gold, the currency held near a two-month high, making metals costlier for holders of other currencies.
- "Incoming data is going to be important to see how the market deals with it and shapes rate-hike expectations," said Ilya Spivak, head of global macro at Tastylive.
- The crucial nonfarm payrolls report for September is scheduled for release on Friday. Upcoming Data will likely influence further price action for precious metals.
33 Articles
33 Articles
Gold steadies as softer US inflation offsets pressure from rising Treasury yields
London: Gold prices were little changed on Thursday as a softer-than-expected US inflation report reduced expectations of a near-term Federal Reserve interest rate increase, although higher Treasury yields and a stronger US dollar limited gains.Spot gold was steady at $4,155.60 an ounce by 0830 GMT, while US gold futures for December delivery were unchanged at $4,185.50. The precious metal lost more than 6 per cent in September.The benchmark 10-…
Gold inches higher as softer US inflation dims October Fed hike bets
Future gold contracts closed on Wednesday (30) in light high, extending the movement seen on the eve, after consumer price index numbers (PCE), the Federal Reserve's preferred inflation measure (Fed, the U.S. central bank), came below expected. The weaker reading fed the bets of a US interest maintenance in October. At Comex, the New York Mercantile Exchange's (Nymex) metal division, future gold contracts with delivery for October closed at high…
Coverage Details
Bias Distribution
- 50% of the sources lean Right
Factuality
To view factuality data please Upgrade to Premium
