From The Economic Times · Reuters · · 1m 20s
Gold Eases After Climbing Over 1%
Gold prices dropped slightly Friday after rising more than 1% the previous session as traders assessed Federal Reserve rate hike expectations.
In brief
Gold prices dropped slightly Friday after rising more than 1% the previous session as traders assessed Federal Reserve rate hike expectations. Gold prices fell 0.4% to $4,152.99 per ounce Friday after climbing over 1% the prior session amid Fed rate hike speculation. Originally reported by The Economic Times.
Gold Prices Drop
Spot gold fell 0.4% to $4,152.99 per ounce during early Asia trade Friday.
Previous Session Gain
Gold rose more than 1% in the prior session on weaker dollar and lower US Treasury yields.
Fed Rate Hike Expectations
Traders price a 28% chance of a rate hike this month and 93% chance of a December increase.
Inflation Data
US producer prices rose by the most in 4-1/2 years in September amid rising costs for goods and services.
Fed Officials' Views
Chicago Fed President Austan Goolsbee called recent inflation data 'discouraging', while Cleveland Fed President Beth Hammack warned of aggressive rate hikes.
Geopolitical Impact
Yemen's Houthis fired missiles at Aden's presidential palace, killing five people, as Saudi-led coalition listed Houthi attacks on Saudi infrastructure.
Metal Prices Trend
Silver fell 0.6% to $57.09, platinum lost 0.1% to $1,624.05, and palladium rose 0.2% to $1,128.70, all heading for weekly losses.
The key point
Gold prices fell 0.4% to $4,152.99 per ounce Friday after climbing over 1% the prior session amid Fed rate hike speculation.
