Gold falls on aggressive rate hike expectations
Sep 15, 2022
Chicago [US], September 15:Gold futures on the COMEX division of the New York Mercantile Exchange fell on Wednesday on market expectations for aggressive rate hikes.
The most active gold contract for December delivery fell 8.3 U.S. dollars, or 0.48 percent, to close at 1,709.1 dollars per ounce.
Investors are still digesting the U.S. higher-than-expected inflation figure released Tuesday. Market analysts hold that higher bets are the Federal Reserve will embark on a more aggressive monetary policy to rein in inflation.
U.S. Labor Department reported Wednesday that U.S. producer price index (PPI), a gauge of prices received at the wholesale level, fell 0.1 percent in August after slipping 0.4 percent in July, the first back-to-back decline in the PPI since the spring of 2020.
Silver for December delivery rose 7.8 cents, or 0.4 percent, to close at 19.569 dollars per ounce. Platinum for October delivery rose 21.7 dollars, or 2.46 percent, to close at 905.4 dollars per ounce.
Source: Xinhua
