Gold, silver retreat after logging back-to-back weekly gains
Gold and silver weakened on Monday as investors bid up the U.S. dollar in anticipation of a September inflation report due out later in the week.
Price action
- Gold for December delivery GCZ22, -1.57% fell $25.30, or 1.5%, to $1,684 per ounce on Comex.
- December silver SIZ22, -2.52% shed 40 cents, or 2%, to $19.86 per ounce.
- Palladium futures PAZ22, +2.84% expiring in December climbed $56, or 2.6%, to $2,247.50 per ounce, while January platinum PLZ22, +0.47% was down $4.90, or 0.5%, to $913 per ounce.
- December copper futures HGZ22, +1.86% gained 6 cents, or 1.7%, to $3.44 per pound.
What analysts are saying
Prices of gold and silver are moving lower yet again as precious-metals traders anticipate that the U.S. inflation data set for release on Thursday could increase the pressure on the Federal Reserve to continue hiking interest rates aggressively potentially delivering another 75 basis point rate hike at the central banks November meeting.
The broader outlook for gold remains one where central banks across the world look set on a course of a series of interest rate hikes to try and bring stubbornly high inflation back down towards their target figures, said Rupert Rowling, a market analyst at Kinesis Metals, in a note to clients.
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