Upbeat action in Gold as dollar dives lower

Published on Nov 15, 2023 13:04

Gold spiked sharply yesterday, adding around 0.80% on the day as signs of weakening US inflation pulled the treasury yields lower and hurt the US dollar. The metal continues to see good gains today and currently quotes up 0.26% at $1971 per ounce. These are the highest levels in last one week for the metal. The dollar index tumbled yesterday, crashing around 1.50% as the US Labor Department released a report on Tuesday showing U.S. consumer prices came in unchanged in the month of October. The Labor Department said its consumer price index was unchanged in October after climbing by 0.4% in September. Excluding food and energy prices, core consumer prices edged up by 0.2% in October, moderating after by 0.3% rise in September. The annual rate of consumer price growth also slowed to 3.2% in October from 3.7% in September.