Gold extends fall as dollar, Treasury yields rise
Gold prices extended losses for the fourth straight session on Wednesday, weighed down by a stronger dollar and elevated bond yields on news that October U.S. consumer prices increased as expected.
The Labor Department also reported slower progress toward low inflation since mid-year, which could result in fewer interest rate cuts from the Federal Reserve next year.
Spot gold was down 0.7% at $2,580.39 per ounce by 01:49 p.m. ET (1849 GMT), after hitting a near two-month low earlier in the session.
U.S. gold futures settled 0.8% lower at $2,586.50 per ounce.
The dollar (.DXY), opens new tab advanced near a seven-month high against major currencies, while benchmark U.S. 10-year yield climbed.
Spot silver fell 0.5% to $30.55 per ounce. Platinum slipped 0.9% to $938.60 per ounce, while palladium dropped 1.3% to $932.10 per ounce.
Source: Reuters