Gold Futures Drop $8.80 in Anticipation of CPI Data

Gold futures continue to run counter to the U.S. dollar and closed lower yesterday (Dec. 9) as the dollar strengthened. The markets await the CPI data to be released today.

Gold futures fell $8.80 to close at $1,776.70 per ounce.

Today, the highly anticipated U.S. CPI data will be released by the U.S. Department of Labor. The CPI data is considered the main measure of inflation.

Earlier, the consumer price index rose 6.2% in October from a year earlier. This was the highest level since December 1990, up from 5.4% in September. MoM results in a 0.9% increase in October, compared with a 0.4% increase in September.

The latest core CPI data excluding food and energy rose 0.6% month-on-month, following a 0.2% increase in September. This was the highest level since November 1990.

Of importance for the gold market are the monetary policy meetings of the world’s three largest central banks: the Fed meets on December 14 and 15, while the ECB and BOE meet simultaneously on December 16.

The Spot Market is Open

Friday, December 10, 2021

Metals
Updated at
USD
Bid/Ask
Ounce
Change

Low/High
Gold
12.00
1,778.10
1,779.10
+2.50
0.14%
1,775.60
1,780.90
Silver
12.00
22.00
22.15
+0.05
0.25%
21.93
22.17
Platinum
12.00
939.00
949.00
+6.00
0.64%
933.00
952.00
Palladium
12.00
1,754.00
1,904.00
-3.00
-0.17%
1,738.00
1,912.00
Rhodium
06.00
12,800.00
14,800.00
0.00
0.00%
12,800.00
14,800.00

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