Gold falls as U.S. inflation rises
Sep 14, 2023
Chicago [US], September 14: Gold futures on the COMEX division of the New York Mercantile Exchange fell on Wednesday as U.S. inflation increased.
The most active gold contract for December delivery fell 2.60 U.S. dollars, or 0.13 percent, to close at 1,932.50 dollars per ounce.
The U.S. Department of Labor reported Wednesday that U.S. consumer price index (CPI), a key gauge of inflation, rose 0.6 percent in August, its biggest monthly gain in 2023; and 3.7 percent from a year ago. Economists were looking for respective increases of 0.6 percent and 3.6 percent.
Slightly higher than expected CPI data fuels market expectations that the Federal Reserve may hike interest rate one more time in November, dampening gold.
Market analysts hold that the latest U.S. CPI data offers little clarity to the Federal Reserve's policy outlook.
Silver for December delivery fell 22.10 cents, or 0.94 percent, to close at 23.181 dollars per ounce. Platinum for October delivery fell 7.60 dollars, or 0.83 percent, to close at 905.20 dollars per ounce.
Source: Xinhua
