{"id":60075,"date":"2023-09-12T12:47:43","date_gmt":"2023-09-12T16:47:43","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/gold-prices-slide-as-dollar-climbs-ahead-of-u-s-august-inflation-report\/"},"modified":"2023-09-12T12:47:45","modified_gmt":"2023-09-12T16:47:45","slug":"gold-prices-slide-as-dollar-climbs-ahead-of-u-s-august-inflation-report","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=60075","title":{"rendered":"Gold prices slide as dollar climbs ahead of U.S. August inflation report"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002492990\" role=\"document\">\n<p>Gold prices retreated on Tuesday as a stronger dollar put pressure on precious-metals prices as traders awaited the latest batch of U.S. inflation data due out Wednesday. <\/p>\n<h2>Price action <\/h2>\n<ul class=\"articleList\">\n<li>\n      Gold for December delivery\u00a0<br \/>\n        GC00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210034565\/delayed\" class=\"negative\">-0.61%<\/bg-quote><\/p>\n<p>        GCZ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210039381\/delayed\" class=\"negative\">-0.61%<\/bg-quote><br \/>\n       fell by $10.80, or 0.6%, to $1,936.40 per ounce on Comex.<\/p>\n<\/li>\n<li>\n      December silver<br \/>\n        SIZ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210319449\/delayed\" class=\"negative\">-0.03%<\/bg-quote><br \/>\n       fell by 5.3 cents, or 0.2%, to $23.33 per ounce. <\/p>\n<\/li>\n<li>\n      Platinum for October delivery<br \/>\n        PLV23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/237284959\/delayed\" class=\"positive\">+1.01%<\/bg-quote><br \/>\n       climbed by $12.10, or 1.3%, to $914.40 per ounce, while December palladium<br \/>\n        PAZ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/239302145\/delayed\" class=\"positive\">+1.91%<\/bg-quote><br \/>\n       tacked on $12.80, or 1.1%, to $1,232 per ounce. <\/p>\n<\/li>\n<li>\n      December copper<br \/>\n        HGZ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210059556\/delayed\" class=\"negative\">-0.29%<\/bg-quote><br \/>\n       shed 3 cents, or 0.8%, to $3.777 per pound. <\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>Gold and silver prices have softened since the beginning of September as the U.S. dollar has continued to climb, heaping pressure on commodity prices. Rising bond yields and the prospect of another interest-rate hike from the Federal Reserve in November have also contributed to precious metals prices\u2019 woes. <\/p>\n<div class=\"paywall\">\n<p>The strength of the dollar, \u201ca headwind for gold, has been persistent with only a few minor pullbacks along the way,\u201d Michael Armbruster, managing partner at Altavest, told MarketWatch.\u00a0\u201cMore important, long-term Treasury yields continue to trend higher.\u201d <\/p>\n<p>\u201cWe like gold in the longer run, but these two headwinds are keeping gold in check for the time being,\u201d he said.<\/p>\n<p>Strength in the U.S. dollar on Tuesday once again coincided with weaker gold prices, as U.S. currency rebounded from a slight pullback on Monday. <\/p>\n<p>Since logging its lowest end-of-day level of the year on July 13, the ICE U.S. Dollar Index<br \/>\n        DXY<br \/>\n       has climbed more than 5%, according to FactSet data. The dollar index, which measures the buck\u2019s strength against a basket of its main rivals with a heavy weighting toward the euro, was up 0.3% at 104.84 in Tuesday trade. <\/p>\n<p>Wednesday\u2019s U.S. CPI report is expected to show that, in August, consumer prices rising by 0.6%. The data are expected to make a splash in precious-metals markets, analysts said. The numbers are due out at 8:30 a.m. Eastern time.<\/p>\n<p>\u201cLook for more active trading in many markets in the immediate aftermath of the CPI report \u2014 especially if it\u2019s a miss from market expectations,\u201d said Jim Wyckoff, senior analyst at Kitco, in emailed commentary. <\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/gold-prices-slide-as-u-s-dollar-climbs-ahead-of-august-inflation-report-82c605d2?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold prices retreated on Tuesday as a stronger dollar put pressure on precious-metals prices as traders awaited the latest batch of U.S. inflation data due out Wednesday. Price action Gold for December delivery\u00a0 GC00, -0.61% GCZ23, -0.61% fell by $10.80, or 0.6%, to $1,936.40 per ounce on Comex. December silver SIZ23, -0.03% fell by 5.3 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1606,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-60075","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Gold prices slide as dollar climbs ahead of U.S. August inflation report | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Gold prices retreated on Tuesday as a stronger dollar put pressure on precious-metals prices as traders awaited the latest batch of U.S. inflation data\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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