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Gold Holds Above $ 1,800 As US Inflation Raises Doubts About Fed Cut




A one kilogram gold bar sits on top of silver bars at the London Gold Investments bullion brokers in London, United Kingdom, April 4, 2013.

Simon Dawson | Bloomberg | Getty Images

Gold prices held above the key psychological level of $ 1,800 as the dollar and bond yields came under pressure after a more moderate-than-expected rise in US inflation led to uncertainty over when the US central bank begins to reduce its asset purchases.


Spot gold was flat at $ 1,808.50 an ounce on Wednesday at 1:20 am GMT, after hitting a one-week high at $ 1,808.50 in the previous session.

US gold futures fell 0.2% to $ 1,803.80.

The consumer price index (CPI) rose only 0.1% last month, compared to an expected increase of 0.3%. This is the smallest gain in six months, suggesting that inflation has likely peaked, although it could remain high for some time amid persistent supply constraints.

The data cast a shade of uncertainty on the Federal Reserve’s taper schedule. The Fed will hold a two-day monetary policy meeting next week.

CPI data weighed on the dollar index, as the US 10-year benchmark yield hit its lowest level since August 24.

Lower yields reduce the opportunity cost of owning non-interest bearing bullion.

Japanese manufacturers’ confidence deteriorated to a five-month low in September as fallout from the latest wave of Covid-19 put further pressure on the world’s third-largest economy, the Reuters Tankan poll showed.

Silver fell 0.1% to $ 23.81 an ounce.

Platinum hit a nine-month low of $ 930.85 and last lost 0.4% to $ 935.60.

Palladium was stable at $ 1,979.16. Prices hit their lowest level since July 2020 at $ 1,935 in the previous session.




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