Gold Dips for Fourth Session as Oil Rally Fans Inflation Concerns
Spot gold slipped 0.2% as oil-driven inflation worries kept traders focused on the Federal Reserve’s next policy signals.
- Gold prices eased for a fourth consecutive session on Wednesday as higher oil prices stoked inflationary concerns, with spot gold down 0.2% to $4,118.18 per ounce.
- Oil prices edged higher on Wednesday on Middle East supply concerns, with traders wary of Red Sea shipping risks and threats to oil infrastructure in Saudi Arabia.
- US gold futures for December delivery dropped 0.2% to $4,136.20, while spot silver slid 0.9% and palladium slipped 1.1%, showing broad weakness across precious metals.
- Economists polled by Reuters expect the Federal Reserve to skip rate hikes this month, while traders see a 90% chance of a hike in December according to CME's FedWatch Tool.
- Markets await Personal Consumption Expenditures data next week, the Federal Reserve's preferred inflation gauge. Ilya Spivak, head of global macro at Tastylive, said if rate hikes "fall out of the forecast," gold could rise.
14 Articles
14 Articles
Gold declined for the fourth consecutive session today, Wednesday, as rising oil prices fueled fears of inflation, while investors are awaiting a monetary policy meeting of the Federal Reserve Council (the Central Bank of the United States) next week to look for indicators of the interest path.
Gold dips for fourth session as oil rally fans inflation concerns
Gold prices fell in global market trading on Wednesday, affected by rising oil prices and intensifying inflation concerns.
Rising oil prices, fueling inflation concerns, and expectations regarding the US Federal Reserve's (Fed) interest rate policy are putting pressure on gold prices. Gold, which has fallen for the fourth consecutive trading day, dropped to $4,106 per ounce, while gram gold is trading at 6,565 Turkish Lira. The article "Gold falls for 4 consecutive days! Reasons for the decline revealed!" first appeared on HaberX.
Gold prices declined in the face of rising oil prices, which fuelled inflation concerns, while investors await the Fed's monetary policy meeting next week, looking for indicators on the future course of interest rates. During today's Wednesdays, the dollar index - which measures the performance of the United States currency against a basket of six major currencies - stabilized to deliberate at 101.77 points.
Gold prices fall to $4,122.85 as oil fuels inflation concerns ahead of Fed meeting
Gold prices declined for a fourth consecutive session on Wednesday as rising oil prices heightened inflation concerns, while investors awaited the Federal Reserve’s policy meeting next week for signals on the future direction of interest rates. As of 5:23 GMT, spot gold fell 0.06 percent to $4,122.85 per ounce, while U.S. gold futures for December […]
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