Gold prices dip as dollar, Treasuries firm before CPI data
- Candlestick & Company
- Sep 13, 2023
- 1 min read
Gold price drifts lower for the second straight day and struggles near the monthly low.
The emergence of some US Dollar buying drives flows away from the precious metal.
Looming recession risks help limit losses for the XAU/USD ahead of the US CPI print.
Gold prices fell on Wednesday, coming under pressure from renewed strength in the dollar and yields as markets hunkered down before a key U.S. inflation reading due later in the day.
Bullion prices hit an over two-week low as markets positioned for a potentially stronger inflation reading, amid higher fuel prices and strong consumer spending.
The dollar was the safe haven of choice, with Wednesday’s inflation reading also expected to set the tone for a Federal Reserve meeting next week. The greenback hovered below a six-month peak, while benchmark 10-year Treasury yields remained within sight of a more than 20-year high.
Spot gold fell 0.1% to $1,911.66 an ounce, while gold futures expiring in December fell 0.1% to $1,933.85 an ounce by 00:32 ET (04:32 GMT).
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