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Gold fell more than 1% to $1,703 an ounce after higher-than-expected US August consumer prices strengthened bets on aggressive Fed rate hikes. The dollar index rose 1%, and silver also declined.
Higher US inflation and a firmer dollar raise the opportunity cost of holding bullion and make dollar-priced commodities dearer for overseas buyers.
cnbc.comReutersSep 13, 2022After 4,478 past macro events, US Dollar (Broad) moved a median +0.0% over 5 sessions (51% higher; middle half -0.4% to +0.5%), and +0.1% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
