Gold retreats to three-week low in run up to US inflation data

Reuters Published about 4 hours ago January 8, 2024

Gold prices fell to a three-week low on Monday, pressured by dollar strength and elevated Treasury yields as expectations for an imminent Federal Reserve rate cut faded, with investors looking ahead to this week’s U.S. inflation data for more clarity.

Spot gold was down more than 1% at $2,023.49 per ounce by 9:41 a.m. ET (1441 GMT), after earlier touching its lowest since Dec. 18. U.S. gold futures fell 0.9% to $2,029.80.

Daniel Pavilonis, senior market strategist at RJO Futures, pointed to Friday’s stronger than expected U.S. employment data.

“Maybe that takes some of the rate cut odds off the table or lowers them to some degree,” he said.

Read the full article at:  Gold retreats to three-week low in run up to US inflation data - Markets - Business Recorder (brecorder.com)