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Gold Steadies as Traders Weigh Elevated Inflation, Growth Risks

CommoditiesOct 11, 2021 11:27PM ET
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© Reuters. Gold Steadies as Traders Weigh Elevated Inflation, Growth Risks

(Bloomberg) -- Gold steadied as investors weighed concerns over inflation, fueled by a surge in energy and metal prices that threatens to derail the economic recovery.

Focus will turn to the U.S. on Wednesday, where consumer price index data are expected to show price pressures remained elevated last month. And while minutes from the Federal Reserve’s September meeting are likely to signal an imminent scaling back of asset purchases, the latest miss on jobs data may complicate the timing of when tapering could start.

Meanwhile, Goldman Sachs Group Inc (NYSE:GS). economists have cut forecasts for U.S. growth this year and next, blaming a delayed recovery in consumer spending. 

That could mean the Fed takes its time to raise interest rates, according to Goldman’s chief economist Jan Hatzius. Delays in rate increases could benefit gold, as it doesn’t offer interest.

“Inflation pressures are not going away anytime soon and that should keep Treasury yields rising, which is bad news for non-interest-bearing gold in the short-term,” said Edward Moya, a senior market analyst at Oanda Corp. “Investors may soon start to turn bullish on bullion once worries intensify that the 2022 global outlook will deteriorate even further.”

Spot gold steadied at $1,755.18 an ounce at 9:40 a.m. in Singapore, after retreating 0.2% Monday. The Bloomberg Dollar Spot Index was little changed after rising 0.3% in the previous session. Silver and platinum dropped, while palladium fell 0.2% after advancing for three straight days.

©2021 Bloomberg L.P.

Gold Steadies as Traders Weigh Elevated Inflation, Growth Risks
 

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Rodney Dangerfield
Rodney Dangerfield Oct 12, 2021 12:45AM ET
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I bought some gold and they send me some papers that said this hair paper is your gold because who would want to lug around all that gold it would be heavy somebody might take it from you they said it's better that way... I flipped it over it said this is your Bitcoin it's in the system don't worry about it if you need it just let us know...
Mart Bab
Rubberduck1973 Oct 12, 2021 12:27AM ET
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“Investors may soon start to turn bullish on bullion once worries intensify that the 2022 global outlook will deteriorate even further.”…. This should have happened a year ago.
 
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