{"id":84214,"date":"2023-11-14T00:51:32","date_gmt":"2023-11-14T05:51:32","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/gold-prices-sink-below-1950-as-cpi-data-looms\/"},"modified":"2023-11-14T00:51:34","modified_gmt":"2023-11-14T05:51:34","slug":"gold-prices-sink-below-1950-as-cpi-data-looms","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=84214","title":{"rendered":"Gold prices sink below $1,950 as CPI data looms"},"content":{"rendered":"
\n

Investing.com– Gold prices fell below key levels in Asian trade on Tuesday, as traders pivoted into the dollar before U.S. inflation data due later in the day, which is widely expected to determine the path of interest rates.\u00a0<\/p>\n

The yellow metal saw a heavy degree of profit taking in the past two weeks, which pushed prices to an over three-week low as the prospect of higher-for-longer U.S. rates dampened gold\u2019s outlook.<\/p>\n

fell 0.1% to $1,944.71 an ounce, while expiring in December fell 0.1% to $1,948.25 an ounce by 00:32 ET (05:32 GMT).\u00a0<\/p>\n

US CPI in focus, dollar and yields rise\u00a0<\/h2>\n

Gold prices were pressured by strength in the and as markets kept chiefly to rate-sensitive assets before key inflation data due later in the day.<\/p>\n

The reading is expected to show some cooling in inflation through October, after inflation rose past expectations for the past two months. The reading also comes shortly after a string of Federal Reserve officials warned that sticky inflation could give the bank more impetus to raise interest rates further.\u00a0<\/p>\n

Higher-for-longer rates are expected to pressure gold, given that they increase the opportunity cost of investing in bullion. This trade battered gold over the past year, and has also kept its outlook largely uncertain.<\/p>\n

Still, expectations of a slowdown in the global economy have kept alive some bidders for the yellow metal. Data due later in the day is expected to show the euro zone in the third quarter.\u00a0<\/p>\n

The ongoing Israel-Hamas war is also expected to feed some safe haven demand for gold, although traders began pricing in a much lower risk premium on the yellow metal over the past two weeks.\u00a0<\/p>\n

Copper pressured by weak China data\u00a0<\/h2>\n

Among industrial metals, copper prices fell on Tuesday, facing continued pressure from weak Chinese economic data.<\/p>\n

expiring December fell 0.3% to $3.6603 a pound.<\/p>\n

China, the world\u2019s largest copper importer, saw a severe decline in through October, data showed on Monday. The reading indicated that liquidity levels in the country were dropping off despite recent stimulus measures from the government.\u00a0<\/p>\n

More economic cues from the country are on tap this week, with , and readings due on Wednesday.<\/p>\n<\/div>\n

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

Investing.com– Gold prices fell below key levels in Asian trade on Tuesday, as traders pivoted into the dollar before U.S. inflation data due later in the day, which is widely expected to determine the path of interest rates.\u00a0 The yellow metal saw a heavy degree of profit taking in the past two weeks, which pushed […]<\/p>\n","protected":false},"author":1,"featured_media":12361,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[242],"tags":[83],"class_list":["post-84214","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-commodities","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nGold prices sink below $1,950 as CPI data looms | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Investing.com-- Gold prices fell below key levels in Asian trade on Tuesday, as traders pivoted into the dollar before U.S. inflation data due later in\" 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