Metal falls as investors await US inflation data that could have a bearing on the Federal Reserve’s next policy move
A gold necklace and earrings displayed inside a Titan Co Tanishq jewellery store during the festival of Dhanteras in Mumbai, India, on November 2 2021. Picture: BLOOMBERG/DHIRAJ SINGH
Spot gold fell 0.4% to $1,824.90/oz by 5.35am GMT, after recording its highest since Sept. 3 in the previous session.Weighing on bullion by increasing its cost to buyers holding other currencies, the US dollar edged 0.1% up. “Rate hikes might not be as quick as the markets were initially expecting and inflation continues to be high, creating a supportive macro backdrop for the precious metal to rally,” Harshal Barot, a senior research consultant for South Asia at Metals Focus said.
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