Gold Price Today: Metal Rebounds to $4,350 But Heads for Third Weekly Loss as Fed Rate Hike Looms
TLDR
- Gold rebounded 0.8% to around $4,351 after falling nearly 2% the previous session
- Markets are pricing a roughly 70% chance of a Fed rate hike next week
- U.S. producer prices rose 0.4% in August, fueling inflation concerns
- Gold ETFs saw $18 billion in inflows in August, their second largest monthly record
- Copper pulled back after hitting an all-time high above $14,800 a metric ton
Gold prices bounced back on Friday after a sharp drop, but the precious metal is still on track for its third straight weekly loss as inflation data and rate hike expectations keep pressure on.
Spot gold rose 0.8% to $4,351.28 an ounce in early trading. Gold futures slipped 0.4% to $4,391.37. Silver gained 0.8% to $64.10 an ounce, and platinum rose 1.1% to $1,801.18.
Gold is set to fall more than 2% for the week. The main drivers are rising oil prices, higher bond yields, and growing bets that the Federal Reserve will raise interest rates at its meeting next week.
U.S. producer prices rose 0.4% in August, matching expectations and marking the strongest monthly increase since May. The data added to worries that energy costs are pushing inflation higher.
โฆ Continue reading the full article at the original source below.
