SGOL - Gold jumps by most in nearly a month after tame U.S. inflation report

2023-11-14 17:45:07 ET

• Gold futures jumped by the most in nearly a month on Tuesday, after tamer than expected U.S. inflation data raised hopes that the Federal Reserve may be done hiking interest rates.
• U.S. consumer prices came in flat in October , and the CPI rose just 3.2% in the 12 months through October after showing a 3.7% boost a month earlier.
• Boosting bullion's appeal, the dollar index sank 1.4%, its biggest daily decline in a year, while the benchmark 10-year Treasury yield - which had surged over 5% in October - plunged below 4.5% after the inflation data.
• Front-month Comex gold ( XAUUSD:CUR ) for November delivery closed +0.8% to $1,961.80/oz, its largest one-day dollar and percentage gain since October 18, while front-month November silver ( XAGUSD:CUR ) settled +3.5% to $23.079/oz, the best day since October 13.
• ETFs: ( NYSEARCA: GLD ), ( GDX ), ( GDXJ ), ( IAU ), ( NUGT ), ( PHYS ), ( GLDM ), ( AAAU ), ( SGOL ), ( BAR ), ( OUNZ ), ( SLV ), ( PSLV ), ( SIVR ), ( SIL ), ( SILJ ), ( SLVP )
• The CPI reading has "crushed what was left of any rate-rise betting in both Treasury bonds and the Fed Funds futures market, [which] crushed the dollar on the [foreign exchange] market and sent gold sharply higher ," Adrian Ash, director of research at BullionVault, told MarketWatch .

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