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Gold November 14, 2024 01:10:20 PM

Gold Extends Drop to Trade Near Two-Month Low on US Dollar Rally

Paul Ploumis
ScrapMonster Author
Spot gold was down 0.7% at $2,555.96 an ounce as of 8:28 a.m. in London.
Gold Extends Drop to Trade Near Two-Month Low on US Dollar Rally

SEATTLE (Scrap Monster):  Gold slipped for a fifth day as a surge in the dollar weighed on the metal, even as US inflation data supported the case for another Federal Reserve rate cut next month.

Bullion dropped 0.7% in early London trading. A gauge of the dollar is at a two-year high on expectations that President-elect Donald Trump’s win will boost economic growth and corporate profits. A stronger greenback makes commodities priced in the currency more expensive for most buyers.

Wednesday’s US consumer price data fell, in line with expectations on a headline basis, although the annualized three-month core rate picked up. Overall, the numbers were supportive of a potential Fed cut in mid-December, with swaps traders pricing in the likelihood of that to more than 80%. Lower borrowing costs tend to benefit gold, which doesn’t pay interest.

The precious metal has dropped more than 8% from a record high on Oct. 31, with losses accelerating after Trump’s White House victory. Prices are still up by about 25% this year, supported by the Fed’s monetary easing cycle, central bank purchases and heightened geopolitical and economic risks that’s driven haven demand.

Spot gold was down 0.7% at $2,555.96 an ounce as of 8:28 a.m. in London. The Bloomberg Dollar Spot Index was steady, after hitting the highest level since 2022 on Wednesday. Silver, platinum and palladium all fell.

Courtesy: www.finance.yahoo.com

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