Gold prices fell to their lowest in over a week on Friday, weighed by rising U.S. bond yields and a stronger dollar, as data showing inflGold prices fell to their lowest level in more than a week on Friday, weighed down by a stronger dollar after U.S. data showing inflation stayed hot last month put the focus back on the Federal Reserve’s policy meeting next week.
· Spot gold fell 0.9% to $1,782.23 per ounce by 2:10 p.m. EDT (1810 GMT).
· U.S. gold futures for December settled down 1.04% at $1,783.90 per ounce.
· The consumer spending data fueled worries about aggressive monetary policy action from the Fed to combat a surge in prices, sending yields on the U.S. 10-year note up as high as 1.6190%, and the dollar surging 0.8%.
· The Fed is expected to announce when it will start tapering at the end of its Nov. 2-3 monetary policy meeting.
· “There isn’t anything that can stop gold’s decline right now,” said Phillip Streible, chief market strategist at Blue Line Futures in Chicago, adding that funds become active sellers each time gold crosses the key $1,800 per ounce level.
Overall, worries about rising prices kept both gold and silver on track for monthly gains of over 1% and 7%, respectively.
On the physical side, gold was selling at a premium in India this week as consumers flocked to retailers ahead of big festivals next week.
· Spot silver fell 1% to $23.85 per ounce.
· Platinum steadied at $1,019.49 per ounce. Palladium rose 0.3% to $1,994.68 per ounce.
· Inflation notches a fresh 30-year high as measured by the Fed’s favorite gauge
· China's falling factory activity a sign of economic woes ahead
The official manufacturing Purchasing Manager's Index (PMI) was at 49.2 in October, down from 49.6 in September, data from the National Bureau of Statistics (NBS) showed on Sunday.
· G20 leaders endorse global minimum corporate tax deal for 2023 start
Leaders of the world's 20 biggest economies (G20) will endorse an OECD deal on a global minimum corporate tax of 15%, draft conclusions of the two-day G20 summit showed on Saturday, with a view to have the rules in force in 2023.
· Biden rallies world leaders at G-20 to help address global supply chain issues
· G-20 leaders struggle to secure climate breakthrough at Rome summit
Leaders of the Group of 20 major economies holding their first face-to-face summit in two years, struggled on Sunday to bridge differences over how to combat global warming ahead of a crucial United Nations conference on climate change.
· France’s Macron and U.K.’s Johnson aim to de-escalate post-Brexit fishing dispute
Reference: CNBC, Reuters
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