PRECIOUS — Gold subdued with spotlight on US inflation data
Oct 13 (Reuters) — Gold prices were subdued on Tuesday, with market focus on upcoming US inflation prints for fresh signals on the Federal Reserve's interest-rate trajectory. Fundamentals Spot gold was down 0.2% at $4,161.81 per ounce by 0015 GMT after hitting a one-week peak in the previous session. US gold futures for December delivery fell 0.1% at $4,186.60. The US dollar lingered near an 18-month high, making dollar-denominated metals more expensive for holders of other currencies. USD/ Markets are awaiting the Consumer Price Index (CPI) due on Wednesday and the Producer Price Index (PPI) report scheduled for release on Thursday. Cleveland Fed President Beth Hammack said the US central bank should move "relatively quickly" to a restrictive monetary policy stance in order to control inflation she feels has become more broad-based and is starting to influence firms' price-setting plans. The Fed is widely expected to keep rates on hold this month, but markets assign an 88% likelihood of a rate hike in December, according to CME's FedWatch tool. When interest rates are elevated, investors typically gravitate toward yield-bearing assets rather than gold. On the geopolitical front, S
Oct 13 (Reuters) — Gold prices were subdued on Tuesday, with market focus on upcoming US inflation prints for fresh signals on the Federal Reserve's interest-rate trajectory. 81 per ounce by 0015 GMT after hitting a one-week peak in the previous session. 60. The US dollar lingered near an 18-month high, making dollar-denominated metals more expensive for holders of other currencies.
USD/ Markets are awaiting the Consumer Price Index (CPI) due on Wednesday and the Producer Price Index (PPI) report scheduled for release on Thursday. Cleveland Fed President Beth Hammack said the US central bank should move "relatively quickly" to a restrictive monetary policy stance in order to control inflation she feels has become more broad-based and is starting to influence firms' price-setting plans. The Fed is widely expected to keep rates on hold this month, but markets assign an 88% likelihood of a rate hike in December, according to CME's FedWatch tool. When interest rates are elevated, investors typically gravitate toward yield-bearing assets rather than gold.
On the geopolitical front, Saudi Arabia said it was facing a new barrage of incoming fire and that Riyadh airport would remain shut for now, days after Saturday's deadly missile strike on a departure terminal that was claimed by Yemen's Iran-allied Houthis. 70. com;)