Weak CPI Supports Gold Prices

The gold price closed above the $ 1,800 mark yesterday evening (September 14). After the U.S. Department of Labor released consumer price index (CPI) figures that were lower than analysts had expected. This led investors to expect that the Fed would later taper its bond-buying program under quantitative easing (QE).

Gold futures rose $12.7, or 0.71%, at $1,807.1/ounce.

Silver futures rose 8.9 cents, or 0.37%, to close at $23.885/ounce.

Platinum futures was down $18.8, or 1.96%, at $938.7/ounce.

Palladium futures fell $104.20, or 5%, at $1,975.60 an ounce.

The consumer price index (CPI) published yesterday evening rose by 0.3%, below analysts’ expectations of 0.4%. After having been 0.5% in July.

In August, the year-on-year increase was 5.3%, still below analysts’ estimates of 5.4%, after reaching 5.4% in July, the highest level since August 2008.

The increase in the consumer price index was below expectations, which raises questions about further monetary policy. The published CPI figures speak for the camp that supports the loose monetary policy of the Fed.

Meanwhile, the dollar movement index against the basket of six major currencies fell 0.05% overnight to 92.6265, causing gold contracts in dollars to become cheaper, which was attractive to investors and holders of other currencies and drove gold prices higher.

The Spot Market is open

Wednesday, September 15, 2021

Metals
Updated at
USD
Bid/Ask
Ounce
Change

Low/High
Gold
12.00
1,803.40
1,804.40
-1.20
-0.07%
1,801.40
1,805.70
Silver
12.00
23.75
23.84
-0.09
-0.40%
23.74
23.94
Platinum
12.00
928.00
938.00
-7.00
-0.75%
923.00
946.00
Palladium
11.35
1,904.00
2,054.00
-4.00
-0.21%
1,896.00
2,064.00
Rhodium
05.00
9,500.00
11,50000
0.00
0.00%
9,500.00
11,500.00

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