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Gold rises on dip-buying even as Fed rate hike bets rise after U.S. inflation data
Gold prices firmed over 1% on Friday, ârebounding from recent âlosses and finding âa short-term floor despite strong U.S. inflation data bolstering expectations of an interest rate hike by the Federal Reserve next week.
Spot gold rose 1.1% to $4,363.01 per â ounce. The metal, however, â was down about 1.5% for the week.
"Gold is recovering rapidly after a brief dip, as CPI data may be cementing expectations of a Fed rate hike next week. âThe volatility is somewhat muted, as market had a hike 70% priced in," said independent metals trader Tai Wong.
"Price action here âsuggests that gold is finding a short-term base after the recent retreat."
Gold price fall nearly 2% as oil surge and near-5% Treasury yields bolster Fed rate-hike expectations – Kitco AM Report
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(Kitco NewsWire) – Spot gold and silver prices are seeing significant selling pressure Monday morning as rising bond yields and surging energy prices strengthen expectations that the Federal Reserve will raise interest rates this week, overwhelming safe-haven demand generated by escalating geopolitical uncertainty in the Middle East.
Spot gold last traded at $4,269.90 an ounce, down 1.80% on the day. Silver is also seeing significant selling pressure, with spot silver last trading at $62.75 an ounce, down 2.50% on the day.
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