Gold traded higher mid-afternoon on Wednesday as the dollar and yields fell after a U.S. inflation measure rose more than expected last month. Gold for February delivery was last seen up US$35.80 to US$2,718.10 per ounce, the highest since Dec.11. The U.S. Bureau of Labor Statistics said the Consumer Price Index (CPI) rose by 0.4% in December, up from 0.3% in November and ahead of the consensus estimate for a rise of 0.3%, according to FactSet. Core CPI, excluding food and energy, rose 3.2% annualized, under the consensus outlook for a 3.3% rise. Though the Federal Reserve is still widely...
The US Dollar Index (DXY), which tracks the Greenback's value against six major currencies, is heading lower on Wednesday in the US Consumer Price Index (CPI) release aftermath. Numbers came in either in line or a touch softer than expected, which is perceived as disinflationary. Although it was not a stellar surprise as on Tuesday with the Producer Price Index (PPI), where all data points came in lower or at the lowest estimate, the CPI reading is enough to bring back that initial Federal Reserve rate cut for 2025 from September to July. For the remainder of this Wednesday all eyes will...
Gold rose to the $2,690 per ounce mark on Wednesday, extending gains from the prior session to its highest in over one month as cooling underlying inflation in the US favored bets of less restrictive monetary policy by the Fed this year. Core consumer inflation unexpectedly slowed on an annual basis, while headline consumer prices refrained from showing aggressive upside surprises. The results supported bullion and Treasuries across all durations as progress in disinflation would allow FOMC members to ease monetary restriction, lowering the opportunity cost of holding non-yielding...
Silver prices (XAG/USD) rose on Wednesday, according to FXStreet data. Silver trades at $30.09 per troy ounce, up 0.64% from the $29.90 it cost on Tuesday. Silver prices have increased by 4.13% since the beginning of the year. Source: FXstreet