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Gold reacts to rising producer costs
Gold prices fluctuated near their lowest level in a week amid expectations of rising U.S. interest rates, awaiting the release of the American inflation data scheduled for today. The spot price of gold fell by 2% on Thursday after U.S. producer prices increased in August, reinforcing the likelihood of the Federal Reserve raising interest rates. Investors are also awaiting the results of the U.S. Consumer Price Index. Meanwhile, the European Central Bank raised interest rates for the second time this year to combat inflation, which puts downward pressure on gold prices—viewed as an inflation hedge but offering no yield when interest rates rise. Other precious metals also declined, with silver dropping to $63.48 and platinum to $1,777.42, amid expectations of further monetary tightening in global markets.
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