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Gold Scalped Again by U.S. Yields as Fed Lays Out Taper, Rate Hike Plan

Gold Down, but Above $1,800-Mark, Over Fed Taper Uncertainty

CommoditiesSep 15, 2021 12:29AM ET
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© Reuters.

By Gina Lee

Investing.com – Gold was down on Wednesday morning in Asia, but remained above the $1,800-mark. Investors digested a weaker-than-expected rise in U.S. inflation that added to uncertainty over the Federal Reserve’s timeline to begin asset tapering.

Gold futures edged down 0.14% to $1,804.65 by 12:24 AM ET (4:24 AM GMT) after hitting a one-week peak of $1,808.50 during the previous session. The dollar, which usually moves inversely to gold, inched up on Wednesday.

U.S. data released on Tuesday showed that the core consumer price index (CPI) grew 4% year-on-year and 0.1% month-on-month in August.

The monthly increase was the smallest gain in six months, suggesting that inflation could have reached its peak. However, it could remain high for a while amid persistent supply constraints.

The data also showed that the CPI grew 5.3% year-on-year and 0.3% month-on-month respectively.

With the weaker-than-expected data casting doubt on the U.S. Federal Reserve’s timeline to begin asset tapering, investors now await the central bank’s policy decision, due to be handed down next week.

In Asia Pacific, Chinese economic data released earlier in the day showed industrial production grew a lower-than-expected 5.3% year-on-year, while fixed-asset investment grew 8.9% year-on-year, in August. Retail sales grew 2.5% year on year.

In Japan, the Reuters Tankan index for September was at 18, a five-month low and below the previous month’s 33 reading.

In other precious metals, silver inched down 0.1% and platinum was down 0.4% after hitting an over nine-month low of $930.85. Palladium was flat at $1,979.16 after prices hit their lowest level since July 2020, or $1,935, during the previous session.

Gold Down, but Above $1,800-Mark, Over Fed Taper Uncertainty
 

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AIM Investor Journal
AIM Investor Journal Sep 15, 2021 12:13PM ET
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US inflation is weakening as evidenced by missed PCI estimates and expected to continue as the COVID Delta wave grows. Tapering aside, the US debt ceiling is according to Janet Yellen, the greatest concern at this moment, with the risk of US default growing unless Congress raises the debt ceiling. There is a likelihood the US credit rating will be downgraded as it was almost a decade ago when Standard & Poor took the rating lower on debt ceiling concerns.
satoshi nakomoto
satoshi nakomoto Sep 15, 2021 1:21AM ET
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"taper" lol...they are buying more and more..
 
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