PRECIOUS-Gold lingers near 2-month high as focus turns to U.S. inflation data
(Reuters, 9.11.2021)
Nov 9 (Reuters) — Gold prices hovered near a two-month peak on Tuesday, supported by a softer dollar and U.S. bond yields, as investors awaited key U.S. inflation data to gauge the Federal Reserve’s next move on rate hikes.
Spot gold was little changed at $1,824.21 per ounce by 836 GMT, about $3 shy off a two-month peak scaled earlier in the session. U.S. gold futures fell 0.1% to $1,825.30.
A subdued dollar and lower benchmark 10-year Treasury yields kept bullion’s appeal intact.
A weaker dollar reduces bullion’s cost for buyers holding other currencies, while lower yields decrease non-interest bearing bullion’s opportunity cost.
Focus is now on Wednesday’s Consumer Price Index inflation data that could test the Fed’s stance on rate hikes, as tightness in the labour market combined with global supply chain issues could result in another high reading.
It also comes on the heels of several Fed officials expressing growing concerns over more persistent price increases.
Spot silver fell 0.3% to $24.37 per ounce.
Platinum eased 0.4% to $1,052.08, while palladium rose 0.2% to $2,074.30.
Source : Reuters,9/11/2021
Last Updated on 09.11.2021 by iskova