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THE GIST
NEWS AND FEATURES
Global Philippines Fine Living
INSIGHTS
INVESTMENT STRATEGY
Economy Stocks Bonds Currencies
THE BASICS
Investment Tips Explainers Retirement
WEBINARS
2024 Mid-Year Economi Briefing, economic growth in the Philippines
2024 Mid-Year Economic Briefing: Navigating the Easing Cycle
June 21, 2024
Investing with Love
Investing with Love: A Mother’s Guide to Putting Money to Work
May 15, 2024
retirement-ss-3
Investor Series: An Introduction to Estate Planning
September 1, 2023
View All Webinars
DOWNLOADS
grocery-2-aa
Economic Updates
Inflation Update: Prices rise even slower in May 
June 5, 2025 DOWNLOAD
Buildings in the Makati Central Business District
Economic Updates
Monthly Recap: BSP to outpace the Fed in rate cuts 
May 29, 2025 DOWNLOAD
economy-ss-9
Economic Updates
Quarterly Economic Growth Release: 5.4% Q12025
May 8, 2025 DOWNLOAD
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Markets 2 MIN READ

Gold eases on profit taking after US inflation data

May 10, 2023By Reuters
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May 10 (Reuters) – Gold prices edged lower on Wednesday as optimism over the Federal Reserve cutting interest rates this year faded after the US inflation report, triggering profit-taking among some investors.

Spot gold was down 0.2% at USD 2,030.70 per ounce by 2:06 p.m. EDT (1806 GMT).

US gold futures settled 0.3% lower at USD 2,037.10.

“There are still risks the Fed will have to keep rates higher for longer… Gold is going to need more rate cuts to become aggressively priced in for it to continue its rally,” said Edward Moya, senior market analyst at OANDA.

Gold rose as much as 0.7% after data showed US Consumer Price Index (CPI) rose 4.9% in April from a year earlier but lower than expectations of a 5% increase, before turning negative. Month-over-month CPI in April rose 0.4% after gaining 0.1% in March.

The data disrupted the modest momentum that had been building for an 11th straight interest rate hike in June, with the bulk of futures tied to the Fed’s rate betting on a pause.

But gold may struggle in the short term with core inflation unchanged from last month and well above the Fed’s target, said Ole Hansen, head of commodity strategy at Saxo Bank.

While gold is considered a hedge against inflation, rising interest rates dull non-yielding bullion’s appeal.

Some analysts have said gold could attempt another run to record highs, given persistent economic worries, including a potential US debt ceiling default.

“Much more attention should be given to the state of the banking system and the brinkmanship in the debt ceiling talks,” said StoneX analyst Rhona O’Connell.

Markets now look forward to April’s producer price index (PPI) due at 8:30 a.m. EDT on Thursday for more cues.

Spot silver fell 1% to USD 25.35 per ounce, platinum rose 0.4% to USD 1,109.60 and palladium gained 2.1% to USD 1,602.7.

(Reporting by Deep Vakil, Arpan Varghese, and Arundhati Sarkar in Bengaluru; Editing by Shilpi Majumdar, Paul Simao, Christina Fincher, and Krishna Chandra Eluri)

 

This article originally appeared on reuters.com

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