Gold falls on better than expected inflation data

By Xu JingUnreguser
  • World
  • Saturday, 30 Sep 2023

CHICAGO, Sept. 29 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange fell on Friday on better than expected inflation data.

The most active gold contract for December delivery fell 12.50 U.S. dollars, or 0.67 percent, to close at 1,866.10 dollars per ounce.

The U.S. Commerce Department reported Friday that U.S. personal consumption expenditures (PCE) index, the Federal Reserve's preferred inflation gauge, increased by 0.1 percent in August and fell to a 3.9 percent annual increase, continuing a steady fall since April.

Better than expected inflation data boosted market expectations that the U.S. central bank may keep interest rates higher for longer, dampening gold.

Other economic data released Friday leaned some support to gold. The Consumer Sentiment Index released Friday by the University of Michigan (UM) Surveys of Consumers fell to 68.1 in the September 2023 survey, down from 69.5 in August but above last September's 58.6.

The Chicago Business Barometer, also known as the Chicago PMI, registered at 44.1 in September, its first decline in three months. Economists were expecting a reading of 47.

Silver for December delivery fell 29.10 cents, or 1.28 percent, to close at 22.45 dollars per ounce. Platinum for January delivery rose 80 cents, or 0.09 percent, to close at 915.90 dollars per ounce.

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