Gold prices extended losses for the fourth straight session on Wednesday, weighed down by a stronger dollar and elevated bond yields on news that October U.S. consumer prices increased as expected.
The Labor Department also reported slower progress toward low inflation since mid-year, which could result in fewer interest rate cuts from the Federal Reserve next year.
Spot gold was down 0.7% at $2,580.39 per ounce by 01:49 p.m. ET (1849 GMT), after hitting a near two-month low earlier in the session.
U.S. gold futures settled 0.8% lower at $2,586.50 per ounce.
The dollar, advanced near a seven-month high against major currencies, while benchmark U.S. 10-year yield climbed.
Traders are pricing in an 82% chance of a Fed rate cut in December, up from around 58% before the data, according to CME FedWatch tool.
However, investors believe Trump's presidency might cause the Fed to pause its easing cycle if inflation takes off after expected new tariffs.
Looking ahead, the U.S. Producer Price Index (PPI) and weekly jobless claims are due on Thursday, with retail sales data on Friday. Remarks from Fed Chair Jerome Powell and other central bank officials are also on the radar.
Spot silver fell 0.5% to $30.55 per ounce. Platinum slipped 0.9% to $938.60 per ounce, while palladium dropped 1.3% to $932.10 per ounce.
Source : Reuters
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