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Gold fell as the latest United States economic data showed inflation accelerated on rising energy and food prices, reducing odds of monetary easing by the Federal Reserve this year.
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Bullion for immediate delivery fell as much as 2.1 per cent after the Bureau of Labor Statistics said the consumer price index rose the most since 2023. Renewed concerns over inflation sent bond yields higher, with traders increasing bets that the Fed will hike interest rates by December. Higher rates are generally negative for gold as it pays no interest.
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Gold has had a volatile year, hitting a record in late January before retracing some of those gains. The precious metal has struggled since the outbreak of the war in the Middle East as elevated oil prices fanned concerns that central banks may maintain rates, or even raise them, to contain the inflationary fallout.
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Gold’s “price action reinforces how it is still trading less like a straightforward safe haven and more as a macro risk proxy that is caught between oil, inflation, Fed-pricing, U.S. dollar dynamics and risk sentiment,” said Christopher Wong, a strategist at Oversea-Chinese Banking Corp.
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Spot gold fell 1.4 per cent to US$4,669.46 an ounce as of 12:28 p.m. in New York. Silver, platinum and palladium declined. The Bloomberg Dollar Spot Index rose 0.4 per cent.
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—With assistance from Thomas Biesheuvel and Yvonne Yue Li.
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