Gold falls on stronger than expected U.S. inflation data
Oct 14, 2022
Chicago [US],October 14: Gold futures on the COMEX division of the New York Mercantile Exchange fell on Thursday as investors reacted to stronger than expected U.S. inflation data.
The most active gold contract for December delivery fell 0.5 U.S. dollars, or 0.03 percent, to close at 1,677 dollars per ounce.
U.S. Labor Department reported Thursday that U.S. consumer price index (CPI) rose 0.4 percent in September on a seasonally adjusted basis after rising 0.1 percent in August. Consumer prices overall rose 8.2 percent in the last 12 months, higher than economists' prediction of 8.1 percent.
Stronger than expected inflation data help boost market expectation for further interest rate hikes by the Federal Reserve in its November meeting.
Gold found some support as U.S. Labor Department reported Thursday that U.S. initial unemployment claims rose by 9,000 to 228,000 in the week ending Oct. 8. The median estimate of economists called for 225,000 new applications. The four-week moving average increased to 211,500.
Silver for December delivery fell 2 cents, or 0.11 percent, to close at 18.918 dollars per ounce. Platinum for January delivery rose 15.4 dollars, or 1.75 percent, to close at 896.4 dollars per ounce.
Source: Xinhua
