Gold retreats from 8-day high, trims daily gains


Gold prices retreated from recent highs and trimmed daily gains as disappointing US inflation data was not seen as a barrier to Federal Reserve rate hikes.

Despite the knee-jerk reaction was to sell the greenback, with XAU/USD reaching a 1-week high of $1,264 an ounce. However, the dollar quickly recovered the lost ground, dragging spot gold to a session low of $1,256 an ounce. It was last trading around $1,260 an ounce, still up 0.56% on the day.

US data showed CPI rose 0.3% in September and 1.5% YoY, its  largest 12-month increase since October 2014, both matching expectations. The core CPI, which excludes, volatile categories such as food and energy, rose 0.1% in September and 2.2% YoY, slightly below the 2.3% expected.

Gold remains very sensitive to rate hike expectations, as they tend to lift the greenback and weigh on dollar-priced metals.

Будьте первым, кто решился написать!

Поделитесь своим мнением:

E-Mail адрес не будет опубликован.