Due to a rise in the dollar and bond yields as well as investor evaluation of the Federal Reserve’s rate-hike trajectory following a carefully anticipated consumer prices data that revealed still-high inflation, gold prices slightly declined on Wednesday.
Spot gold was down 0.1% at $1,901.24 per ounce after briefly falling below the crucial $1,900 barrier earlier in the day. Futures for U.S. gold decreased 0.3% to $1,905.30.
The dollar index increased by 0.1%, increasing the price of bullion for customers using other currencies. Standard 10-year Treasury yields in the US increased a little bit.
At its policy meeting next week and again in May, the Federal Reserve is expected to increase its benchmark rate by a quarter of a percentage point as concerns over a protracted financial crisis have decreased and a government report revealed that U.S. inflation remained strong in February.
The Consumer Price Index (CPI), which had increased by 0.5% in January, increased by 0.4% last month. The CPI climbed by 6% in the year ending in February, which was the smallest year-over-year gain since September 2021.
The U.S. financial system is still ‘resilient and on a stable foundation,’ according to Fed Governor Michelle Bowman on Tuesday.
Spot silver prices decreased by 0.1% to $21.67 per ounce, platinum prices decreased by 0.1% to $981.69, while palladium prices down by 0.7% to $1,496.61.
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