Gold prices plummet after CPI news
Gold is currently trading around $2,608 an ounce, down 1.7% this week. This is largely due to rising US Treasury yields, which have dampened expectations that the Fed will cut interest rates by another 50 basis points.
Minutes of the Fed's recent meeting showed that Chairman Jerome Powell faced some opposition to the rate cut in September. Some officials expressed that the rate cut should be smaller than the 50 basis points. Separately, Dallas Fed President Lorie Logan said on Wednesday that monetary policy easing should be done at a slower pace after last month's cut.
Markets are awaiting CPI data due later Thursday. If inflation continues to decline, this will support the possibility of the Fed cutting interest rates in the near future.
Minutes of the Fed's recent meeting showed that Chairman Jerome Powell faced some opposition to the rate cut in September. Some officials expressed that the rate cut should be smaller than the 50 basis points. Separately, Dallas Fed President Lorie Logan said on Wednesday that monetary policy easing should be done at a slower pace after last month's cut.
Markets are awaiting CPI data due later Thursday. If inflation continues to decline, this will support the possibility of the Fed cutting interest rates in the near future.
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SL: 2605
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