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Gold rises over 1% as softer oil prices ease inflation worries
Bullion gained 1.4% as oil prices fell and traders waited for U.S. inflation data that could shape Federal Reserve rate expectations.
- Spot gold climbed 1.4% to $4,123.46 per ounce on Tuesday, while US gold futures for December delivery rose 1.4% to $4,132.70. The advance followed falling oil prices and a softer dollar.
- President Donald Trump said on Monday fresh Iran attacks were "highly unlikely" as conflict resolution talks continued. West Texas Intermediate futures for December delivery slipped more than 3% to $87 per barrel.
- Tim Waterer, chief market analyst at KCM Trade, said "Trump's more conciliatory tone toward Iran is helping keep a lid on oil prices." Analysts warn upcoming inflation data will determine bullion's trajectory.
- Traders currently see an 81% chance the Federal Reserve will raise rates in December, according to CME Group's FedWatch tool. Markets await Consumer Price Index data on Tuesday and Producer Price Index figures on Friday.
- Richmond Federal Reserve President Tom Barkin said on Monday the central bank should move monetary policy "with care" while addressing persistent inflation. His comment reflects uncertainty as officials navigate resilient October labor market data.
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Today's gold prices declined with investors reaping profits and anticipating American inflation data, amid December's interest-raising prospects, while silver, platinum and baldium fell.
Gold prices declined today, Tuesday, with investors reaping profits after the rise in precious metal by more than one percent in the previous session.
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A weakening US dollar and easing inflation concerns have lifted global gold prices.
Coverage Details
Total News Sources77
Leaning Left2Leaning Right9Center6Last UpdatedBias Distribution53% Right
Bias Distribution
- 53% of the sources lean Right
53% Right
12%
C 35%
R 53%
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