Sign up to create alerts for Instruments,
Economic Events and content by followed authors
Free Sign Up Already have an account? Sign In
Quotes
All Instrument Types
- All Instrument Types
- Indices
- Equities
- ETFs
- Funds
- Commodities
- Currencies
- Crypto
- Bonds
- Certificates
Please try another search
Gold Creeps Higher as Dollar Eases Ahead of CPI Data
© Reuters.
By Ambar Warrick
Investing.com-- Gold prices inched higher on Monday, retaining mild gains from last week as the dollar fell further from 20-year highs ahead of key U.S. inflation data this week.
Spot gold prices rose 0.1% to $1,718.83 an ounce, while gold futures edged up to $1,730.0 an ounce by 19:15 ET (23:15 GMT). Both instruments rose slightly last week, breaking a three-week losing streak as the dollar weakened.
The dollar index fell 0.2% on Monday, with focus turning to key U.S. CPI inflation data for August, due tomorrow. Inflation in the world’s largest economy is expected to have eased further from highs hit this year, a trend which may encourage the Federal Reserve to eventually bring down its pace of interest rate hikes.
A series of sharp rate hikes by the Federal Reserve severely dented bullion prices this year, as investors sought better yields from U.S. Treasuries and the dollar. This trend is expected to continue in the near-term, with the Fed broadly expected to raise rates by 75 basis points - the upper end of expectations - at its meeting next week. While U.S. CPI inflation did ease slightly in the past month, it remained pinned near 40-year highs by elevated food and fuel costs.
But with fuel costs now easing from record highs hit earlier this year, inflation may see more signs of cooling.
Other precious metals also rose on weakness in the dollar. Platinum futures added 0.2%, while silver futures jumped nearly 0.7%, with both extending gains from last week.
Among industrial metals, copper prices fell slightly on Monday after logging strong gains last week. Copper futures fell 0.2% to $3.5470 a pound.
Focus is now on a potential supply shortfall of the red metal, stemming from a strike at the Escondida mine in Chile.
Escondida is the largest copper mine in the world. Last week, unionized workers voted to begin partial production stoppages from this week, with plans for a full stoppage later in the month.
The strike stems from disagreements between the union and mine owner BHP Group (ASX:BHP) over safety conditions.
Related Articles
Add Chart to Comment
Confirm Block
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.
Report this comment
I feel that this comment is:
Comment flagged
Thank You!
Your report has been sent to our moderators for review
Add a Comment
We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
Enrich the conversation, don’t trash it.
Stay focused and on track. Only post material that’s relevant to the topic being discussed.
Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.