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Prior to U.S. Inflation and Fed Minutes, Gold Held Below $1,700

Skylar Williams

Oct 12, 2022 11:42

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In anticipation of this week's crucial U.S. inflation statistics and the minutes from the Federal Reserve's September meeting, investors avoided placing major wagers on gold prices on Wednesday.


As of 19:29 EDT, spot gold fell 0.1% to $1,664.82 per ounce, while gold futures fell $2 to $1,674.45 per ounce (23:29 GMT). After a sharp fall to begin the week, neither instrument moved significantly on Tuesday.


As the dollar has strengthened and the Federal Reserve has put out more hawkish signals, gold prices have slipped back below the crucial support level of $1,700. The minutes from the Federal Reserve's September meeting, expected later in the day, are also expected to bolster the Fed's stance, given that the central bank raised interest rates by 75 basis points and warned that it was willing to risk some economic headwinds from higher rates in order to control inflation.


This week, the U.S. inflation report for September is also a big focus for metal markets. On Wednesday afternoon, producer price inflation data is anticipated to indicate that manufacturers continued to confront price headwinds last month.


The most frequently studied inflation indicator, consumer price inflation, is expected to show that inflation remained near 40-year highs last month when it is reported on Thursday. Together with last week's impressive employment report, these figures are expected to give the Fed with adequate reason to continue hiking interest rates rapidly.


Rising global interest rates have increased the opportunity cost of holding the yellow metal, which has resulted in a decline in gold prices this year. This trend is projected to persist so long as inflation remains elevated.


This year, the dwindling demand for bullion stripped it of its role as a safe-haven, with the dollar generally outperforming gold and other precious metals.


Among industrial metals, copper prices stayed basically constant around $3.4227 per pound. As Chinese markets resumed trading following an extended hiatus, the price of the precious metal increased.


As a result of the recurrence of COVID incidents in China, markets are becoming increasingly wary of any new lockdown measures that could potentially reduce demand. In addition, the Communist Party's 20th National Congress this week will focus on the introduction of any significant stimulus measures.


Friday's Chinese inflation and trade data will provide additional evidence of a possible economic recovery.

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