FUNDAMENTALS
* Spot gold was down 0.1% at $1,627.04 an ounce, by 0049 GMT. Prices hit their lowest level since September 28 at $1,624.98.
* US gold futures fell 0.1% to $1,632.60.
* The dollar index was flat, after rising 0.8% on Wednesday, while benchmark 10-year Treasury yields hit a high since mid-2008. [USD/]
* U.S. economic activity has edged up in recent weeks, though it was flat in some regions and down in a few others, the Fed said in a report on Wednesday that showed businesses were growing increasingly pessimistic about to prospects.
* With the latest data showing inflation continuing to run at more than three times the central bank’s 2% target, the report may do little to temper expectations of a fourth straight rate hike 75 basis points next month.
* While gold is considered a hedge against inflation, higher interest rates increase the opportunity cost of holding bullion, which pays nothing.
* Eurozone consumer inflation was slightly lower in September than previous estimates, data showed on Wednesday, but still at a record high, underscoring market expectations of further rate hikes before the end of the month. year.
* Holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 6.08 tonnes on Wednesday, their biggest one-day outflow since July.
* Spot silver fell 0.4% to $18.36 an ounce, platinum 0.6% to $878.52 and palladium 0.6% to $1,988.78.
FUNDAMENTALS
* Spot gold was down 0.1% at $1,627.04 an ounce, by 0049 GMT. Prices hit their lowest level since September 28 at $1,624.98.
* US gold futures fell 0.1% to $1,632.60.
* The dollar index was flat, after rising 0.8% on Wednesday, while benchmark 10-year Treasury yields hit a high since mid-2008. [USD/]
* U.S. economic activity has edged up in recent weeks, though it was flat in some regions and down in a few others, the Fed said in a report on Wednesday that showed businesses were growing increasingly pessimistic about to prospects.
* With the latest data showing inflation continuing to run at more than three times the central bank’s 2% target, the report may do little to temper expectations of a fourth straight rate hike 75 basis points next month.
* While gold is considered a hedge against inflation, higher interest rates increase the opportunity cost of holding bullion, which pays nothing.
* Eurozone consumer inflation was slightly lower in September than previous estimates, data showed on Wednesday, but still at a record high, underscoring market expectations of further rate hikes before the end of the month. year.
* Holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 6.08 tonnes on Wednesday, their biggest one-day outflow since July.
* Spot silver fell 0.4% to $18.36 an ounce, platinum 0.6% to $878.52 and palladium 0.6% to $1,988.78.