October 14 (Businesshala) – Gold prices edged closer to a one-month peak on Thursday as the dollar and long-term Treasury yields retreated from recent highs after warmer-than-expected US inflation data.
* Spot gold was trading marginally higher at $1,793.72 an ounce as of 0100 GMT. Prices hit their highest level since September 16 at $1,795.81 on Wednesday.
* US gold futures slipped 0.1% to $1,792.20.
* The dollar index fell 0.5% overnight, retracing from more than a year high, making the precious metal cheaper for holders of other currencies.
* The benchmark US 10-year Treasury yield pulled back from a more than four-month high, reducing the opportunity cost of holding non-interest-bearing gold.
* US consumer prices rose solidly in September as Americans overpaid for food, rent and other goods, putting pressure on the Biden administration to urgently resolve strained supply chains that are hindering economic growth .
* Minutes of the Federal Reserve’s September meeting showed that central banks could begin to ease their crisis-era support for the US economy by mid-November, but policymakers remain divided over how big the high inflation is. threat and how quickly they may need to be raised rates in response.
* A group of banks, which partnered with the London Metal Exchange to launch gold and silver futures in 2017, are preparing to abandon the project after volumes were not as expected, three with direct knowledge of the matter Sources said.
* Holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.2% to 982.72 tonnes on Wednesday from 985.05 tonnes on Tuesday.
* Spot silver rose 0.1% to $23.09 an ounce, having hit a nearly one-month high in the previous session.
* Platinum was flat at $1,019.68 and palladium was down 0.1% at $2,103.81, having jumped 5.2% on Wednesday. Data/Events (GMT) 0130 China PPI, CPI YY September 1230 US Initial Jobless Clam Weekly (Reporting by Eileen Soreng in Bengaluru; Editing by Amy Caron Daniels)