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Wednesday, February 28, 2024

Gold trims gains after US inflation data

BENGALURU: Gold prices pared gains on Thursday as dollar and Treasury yields ticked higher after US consumer prices rose more than expected in September and raised worries that the Federal Reserve could keep rates higher for some time.

Spot gold rose 0.2% to $1,877.51 per ounce by 9:30 a.m. ET (1330 GMT), after hitting its highest level since Sept. 27 earlier in the session. US gold futures were up 0.2% at $1,890.40.

The consumer price index increased 0.4% last month after a 0.3% gain in August, the Labour Department said. However, year-on-year consumer prices have come down from a peak of 9.1% in June 2022.

“The warm CPI print might be enough to slow gold’s formidable rally into a consolidation but in itself shouldn’t trigger a serious selloff especially given high geopolitical tensions,” said Tai Wong, a New York-based independent metals trader.

Gold trims gains after US inflation data

Source: Brecorder

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