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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
economy-ss-8
Inflation Update: Weak demand softens shocks
July 4, 2025 DOWNLOAD
948 x 535 px AdobeStock_433552847
Economic Updates
Monthly Economic Update: Fed cuts incoming   
June 30, 2025 DOWNLOAD
equities-3may23-2
Consensus Pricing
Consensus Pricing – June 2025
June 25, 2025 DOWNLOAD
View all Reports
Markets 2 MIN READ

Gold falls ahead of US inflation data, Fed outcome

December 12, 2022By Reuters
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Dec 12 (Reuters) – Gold prices slipped on Monday as investors stayed on the sidelines awaiting US inflation data and the Federal Reserve’s rate-hike decision later this week.

Spot gold was down 0.9% at USD 1,780.19 per ounce by 15:29 p.m. ET (2029 GMT). US gold futures settled 1% lower at USD 1,792.30.

“The markets are pulling back ahead of the Fed and the next couple of days is going to be pretty volatile,” said Daniel Pavilonis, senior market strategist at RJO Futures.

The US central bank is widely expected to raise interest rates by 50 basis points at its final meeting of 2022 scheduled on Dec. 13-14.

The European Central Bank and the Bank of England are also set to announce interest rate decisions this week.

Lower rates tend to boost gold’s appeal as it decreases the opportunity cost of holding non-yielding bullion.

Data on Friday showed US producer prices rose slightly more than expected in November, reinforcing the view that the Fed may have to keep interest rates higher for longer.

Focus now shifts to the US consumer price index (CPI) report for November that is due on Tuesday.

“Ahead of the key data print, the current strength of the market would be tested on a break below USD 1,765, a level where support was found on several occasions last week,” said Ole Hansen, head of commodity strategy at Saxo Bank.

US Treasury Secretary Janet Yellen on Sunday forecast a substantial reduction in US inflation in 2023.

Meanwhile, spot silver dipped 0.7% to USD 23.30 per ounce.

“The overall scenario remains supportive (for silver), while investors are betting on solid demand in the next few years,” Carlo Alberto De Casa, external analyst at Kinesis Money, said.

Platinum dropped 2.2% to USD 999.73 per ounce, and palladium slid 3.5% to USD 1,881.47.

(Reporting by Brijesh Patel in Bengaluru; Editing by Maju Samuel and Shounak Dasgupta)

 

This article originally appeared on reuters.com

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