2024-02-13 22:33:13
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Published on: Wednesday, February 14, 2024 – 12:32 AM | Last updated: Wednesday, February 14, 2024 – 12:32 AM
Gold futures prices fell sharply in trading on Tuesday, while the dollar rose following consumer prices in the United States rose more than expected last month, reducing expectations that US interest rates will begin to be reduced soon.
The CME Group’s Fed Watch Tool Index indicates that the chances of reducing the US interest rate by a quarter of a percentage point next March are 8.5%, while the chance of reducing the interest rate by a quarter of a percentage point next May is 35.3%.
In the exchange market, the dollar’s value index once morest other major currencies rose by 0.7% to 104.88 points.
The price of the yellow metal fell today by $25.80 to $2007.20 per ounce for delivery next April.
The price of silver also fell by $0.613 to $22.154 per ounce for delivery next March, and the price of copper fell by $0.0130 to $3.7110 per pound for delivery next March.
In terms of economic news, consumer prices in the United States rose last month more than expected, dashing hopes for a continued decline in the inflation rate and paving the way for the US Federal Reserve to begin reducing US interest rates.
The core inflation rate, which excludes the prices of the most volatile commodities such as food and energy, reached 0.4% per month last January and 3.9% annually, which was higher than analysts’ expectations.
The general inflation rate last month reached 0.3% per month and 3.1% annually.
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