
Gold fell toward $3,879 an ounce, its lowest level in about 13 months, and was set for a weekly loss of nearly 4.5%. The decline followed a series of hot US consumer and producer price reports that increased expectations of further Federal Reserve rate hikes.
The dollar and Treasury yields rose on the same data.
Expectations of tighter Fed policy strengthen the dollar and lift yields, which weighs on dollar-denominated commodities and raises financing costs across the sector. For feed buyers, the effect is mainly indirect, through a firmer dollar that tends to pressure grain and oilseed prices.
After 2,356 past bullish macro events, US Dollar (Broad) moved a median +0.2% over 5 sessions (60% higher; middle half -0.3% to +0.7%), and +0.4% 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.