{"id":19610,"date":"2023-09-15T11:04:15","date_gmt":"2023-09-15T11:04:15","guid":{"rendered":"https:\/\/microloannexus.com\/investing\/gold-settles-lower-as-u-s-inflation-reading-shows-biggest-monthly-climb-in-over-a-year\/"},"modified":"2023-09-15T11:04:16","modified_gmt":"2023-09-15T11:04:16","slug":"gold-settles-lower-as-u-s-inflation-reading-shows-biggest-monthly-climb-in-over-a-year","status":"publish","type":"post","link":"https:\/\/microloannexus.com\/?p=19610","title":{"rendered":"Gold settles lower as U.S. inflation reading shows biggest monthly climb in over a year"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002495526\" role=\"document\">\n<p>Gold prices finished Wednesday with a loss, at a fresh three-week low, as the latest reading on U.S. inflation revealed the largest monthly climb in more than a year.   <\/p>\n<h2>Price action<\/h2>\n<ul class=\"articleList\">\n<li>\n      Gold futures for December delivery<br \/>\n        GCZ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210039381\/delayed\" class=\"positive\">+0.33%<\/bg-quote><br \/>\n       declined by $2.60, or 0.1%, to settle at $1,932.50 per ounce after losing 0.6% on Tuesday. The most-active contract marked its lowest finish since Aug. 22, according to Dow Jones Market Data.<\/p>\n<\/li>\n<li>\n      Silver futures for December<br \/>\n        SIZ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210319449\/delayed\" class=\"positive\">+1.74%<\/bg-quote><br \/>\n       lost 22 cents, or 0.9%, to $23.18 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\">+1.44%<\/bg-quote><br \/>\n       fell by $7.60, or 0.8%, to $905.20 per ounce, while palladium for December delivery<br \/>\n        PAZ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/239302145\/delayed\" class=\"positive\">+1.61%<\/bg-quote><br \/>\n       added $15.50, or 1.2%, to $1,260.80 per ounce. <\/p>\n<\/li>\n<li>\n      Copper for December delivery<br \/>\n        HGZ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210059556\/delayed\" class=\"negative\">-0.14%<\/bg-quote><br \/>\n       ended nearly flat at $3.79 per pound. <\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>U.S. consumer prices rose by 0.6% in August, which marked the largest monthly increase in 14 months. If energy and food prices are set aside, so-called core inflation rose a smaller 0.3% in August, the consumer-price index showed.<\/p>\n<div class=\"paywall\">\n<p>The yearly rate of inflation moved up to 3.7% last month from 3.2% in July. Economists polled by the Wall Street Journal expected consumer prices to rise 3.6% year over year.<\/p>\n<p>The data offered little clarity about the Federal Reserve\u2019s policy outlook, said Han Tan, chief market analyst at Exinity. <\/p>\n<p>The uptick in core CPI may \u201ckeep bets of one more Fed rate hike alive, with such prospects capping gold\u2019s potential upside in the interim,\u201d he told MarketWatch. \u201cAs long as hopes for Fed rate cuts are kept at bay, bullion bulls should struggle to carve out meaningful gains for the precious metal.\u201d<\/p>\n<p><strong>Read:<\/strong> Here\u2019s what the gold-silver price ratio tells us about silver<\/p>\n<p>Following the CPI data, the ICE U.S. Dollar Index<br \/>\n        DXY<span>,<\/span><br \/>\n       a gauge of the dollar\u2019s strength against a basket of major currencies, was down nearly 0.1% at 104.63. The yield on the 10-year Treasury note<br \/>\n        BX:TMUBMUSD10Y<br \/>\n       was down 2.2 basis points at 4.245% in Wednesday dealings. <\/p>\n<p>Expectations for a hot reading on August U.S. inflation had helped drive the dollar higher alongside Treasury yields. The double whammy weighed on gold, since higher yields increase the return investors can reap from holding bonds, making gold, which offers no yield, less attractive by comparison. <\/p>\n<p>Still, in a market update, Edward Moya, senior market analyst at OANDA, said that at the very most, gold might have to deal with one more Fed interest-rate hike in November. \u201cIt is clear that the economy will steadily weaken going forward,\u201d he said.<\/p>\n<p>He added that \u201cbad economic news is about to become good news again for gold\u201d as Wall Street is \u201cgetting closer to putting a peak in place for the dollar.\u201d\u00a0\u00a0<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/gold-slides-as-traders-await-inflation-report-1c9cb8f1?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold prices finished Wednesday with a loss, at a fresh three-week low, as the latest reading on U.S. inflation revealed the largest monthly climb in more than a year. Price action Gold futures for December delivery GCZ23, +0.33% declined by $2.60, or 0.1%, to settle at $1,932.50 per ounce after losing 0.6% on Tuesday. The<\/p>\n","protected":false},"author":1,"featured_media":18948,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[],"class_list":{"0":"post-19610","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investing"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.12 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Gold settles lower as U.S. inflation reading shows biggest monthly climb in over a year | Micro Loan Nexus<\/title>\n<meta name=\"description\" content=\"Gold prices finished Wednesday with a loss, at a fresh three-week low, as the latest reading on U.S. inflation revealed the largest monthly climb in more\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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