Gold prices fell to around $2,670 an ounce on Wednesday (1/15), reversing gains from the previous session as investors turned cautious ahead of US consumer inflation data due later in the day. Signs of rising inflation could spur a further cautious adjustment to expectations for a Federal Reserve interest rate cut.
On Tuesday, the precious metal found some support after a weaker-than-expected US PPI report sparked faint hopes that the Fed may have room for additional rate cuts this year. Meanwhile, with President-elect Donald Trump set to begin his second term next week, attention is also on his pro-inflationary economic policies, reinforced by the threat of tariffs, which could strengthen the case for an aggressive Fed.
Higher borrowing costs increase the opportunity cost of holding non-interest-bearing bullion, weighing on bullion demand. In addition, rising energy service costs in Europe have further weakened the case for lower interest rates by the ECB. (AL)
Source: Trading Economics
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