{"id":73431,"date":"2023-10-17T01:34:06","date_gmt":"2023-10-17T05:34:06","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/gold-prices-extend-losses-before-u-s-data-dump-more-fed-cues\/"},"modified":"2023-10-17T01:34:09","modified_gmt":"2023-10-17T05:34:09","slug":"gold-prices-extend-losses-before-u-s-data-dump-more-fed-cues","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=73431","title":{"rendered":"Gold prices extend losses before U.S. data dump, more Fed cues"},"content":{"rendered":"
\n

Investing.com– Gold prices fell further on Tuesday, extending declines from the prior session as markets hunkered down before several upcoming cues on the U.S. economy, as well as a series of addresses from Federal Reserve officials.<\/p>\n

While the yellow metal saw strong gains after the onset of the Israel-Hamas war pushed investors into safe havens, it reversed course this week after a stronger-than-expected U.S. inflation reading pushed up concerns over higher interest rates.<\/p>\n

A lack of an immediate escalation in the war also dented any more near-term safe haven demand, while the found its footing near 11-month highs.<\/p>\n

fell 0.3% to $1,915.32 an ounce, while expiring in December fell 0.3% to $1,927.85 an ounce by 00:31 ET (04:31 GMT). Both instruments fell in a similar range on Monday.\u00a0<\/p>\n

U.S. economic data, Fed comments on tap\u00a0<\/h2>\n

Focus is now on U.S. and data due later on Tuesday, with any signs of resilience, particularly in retail spending, pointing to an elevated outlook for inflation.<\/p>\n

U.S. read higher-than-expected for September, data showed last week, ramping up concerns that the Fed will remain hawkish for longer, in order to bring down sticky inflation.<\/p>\n

A string of Fed officials are also set to speak this week, most notably on Thursday. Powell\u2019s comments will be closely watched in the wake of the strong inflation readings, given that the Fed Chair had signaled higher for longer rates at the Fed\u2019s previous meeting.<\/p>\n

Higher interest rates bode poorly for gold, given that they increase the opportunity cost of investing in the yellow metal. This trade battered gold through the past year, and is expected to limit any major gains until the Fed starts cutting interest rates.\u00a0<\/p>\n

Copper sinks, China GDP in focus\u00a0<\/h2>\n

Among industrial metals, copper prices reversed recent gains on Tuesday, as markets hunkered down before key Chinese economic readings this week.<\/p>\n

fell 0.5% to $3.5648 a pound.\u00a0<\/p>\n

Third-quarter Chinese data, due on Wednesday, is expected to show further deterioration in growth in the world\u2019s largest copper importer.<\/p>\n

data for September- also due on Wednesday- is expected to show continued weakness in the sector, which accounts for a bulk of Chinese copper demand.<\/p>\n

Still, copper bulls took some encouragement from figures from major miner Rio Tinto Ltd (ASX:). The miner clocked slightly stronger iron ore and copper shipments on steady demand in China.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Investing.com– Gold prices fell further on Tuesday, extending declines from the prior session as markets hunkered down before several upcoming cues on the U.S. economy, as well as a series of addresses from Federal Reserve officials. While the yellow metal saw strong gains after the onset of the Israel-Hamas war pushed investors into safe havens, […]<\/p>\n","protected":false},"author":1,"featured_media":2969,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[242],"tags":[83],"class_list":["post-73431","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-commodities","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nGold prices extend losses before U.S. data dump, more Fed cues | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Investing.com-- Gold prices fell further on Tuesday, extending declines from the prior session as markets hunkered down before several upcoming cues on\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=73431\" 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