Gold and silver prices traded marginally lower on Thursday, weighed down by a stronger U.S. dollar, as traders awaited U.S. October inflation data that might offer more insight into whether the Federal Reserve might scale back the size of its interest-rate hikes in December.
Price action
- Gold futures for December delivery GCZ22 GC00 fell $4.10, or 0.2%, to $1,709 per ounce on Comex.
- Silver for December delivery SIZ22 SI00 shed 14 cents, or 0.7%, to $21.19 per ounce.
- December palladium PAZ22 shed $32.20, or 1.7%, to $1,827 per ounce, while January platinum prices PLF23 rose $7.90, or 0.8%, to $1,005 per ounce.
- Copper futures HGZ22 expiring in December fell 5 cents, or 1.3%, to $3.65 per pound.
What’s happening
Gold prices have steadied after the most-active contract climbed above the $1,700-per-ounce mark for the first time in a month earlier this week.
But if the yellow metal is to move higher, traders will need to see some progress on inflation, said Craig Erlam, senior market analyst at OANDA.
“It’s a very hopeful-looking move and one that could end badly if the CPI data continues this year’s trend of disappointing to the upside,” he said.
The headline U.S. consumer-price index is expected to slide to 7.9% in October from 8.2% and a 40-year high of 9.1% in June, according to a consensus forecast from economists polled by The Wall Street Journal.
