- Write by:
-
Wednesday, September 14, 2022 - 13:55:17
-
519 Visit
-
Print
Mining News Pro - Gold fell the most in almost a month after US inflation data came in hotter than expected, maintaining pressure on the Federal Reserve to keep aggressively raising rates.
The consumer price index rose 0.1% in August from the month before, surprising the market after the median economist forecast pointed to a small decline. The dollar and Treasury yields surged following the report, causing gold to drop as much as 1.6%, the most since Aug. 15.
The CPI report will keep the Fed on a hawkish track ahead of its meeting next week. Officials were signaling that another 75 basis-point tightening was likely despite inflation moderating earlier in the summer, and the swaps market is now fully pricing in the supersized hike.
“A shockingly hot inflation report pulled the rug for gold as investors are now starting to price in more Fed tightening. A 75-basis-point rate increase is a done deal for September and it is starting to look like we might not see a downshift in November,” said Ed Moya, senior market analyst at Oanda.
Gold fell 1.1% to $1,706.18 an ounce at 9:42 a.m. in New York, after slumping as much as 1.6% earlier. The Bloomberg Dollar Spot Index rose 0.7% after falling 0.4% on Monday. Spot silver, platinum and palladium also fell.
Short Link:
https://www.miningnews.ir/En/News/622170
Canadian miner Barrick Gold on Wednesday beat first-quarter profit estimates on higher bullion prices and said it has ...
Barrick Gold faced criticism outside its annual general meeting on Tuesday in Toronto for supporting Malian rulers with ...
BHP Group can’t cherry pick Anglo American assets without paying a hefty premium, Anglo investors told Reuters, ...
Gold wavered as traders looked ahead to a week with a Federal Reserve rate decision meeting and key US jobs data.
Marex Group Plc and a group of the London-based firm’s shareholders raised about $292 million in a US initial public ...
Newmont Corp beat Wall Street estimates for first-quarter profit on Thursday, as the world’s largest gold miner ...
India is in talks with several countries seeking partnerships for technical help on lithium processing, said four ...
China’s Zhaojin Mining Industry said on Wednesday that its A$733 million ($477.8 million) offer to buy Australia’s ...
Toronto-listed miner OceanaGold Corp said on Wednesday it will raise 6.08 billion pesos ($106 million) through an ...
No comments have been posted yet ...