Gold $2,639.12 0.44%
Silver $31.12 0.68%
Platinum $933.18 1.35%
Palladium $967.54 1.87%
Home
News
Gold After Election

Gold Prices Rise as Dollar Weakens Amid Inflation Data

Posted on November 13, 2024
Writer: James Miller

Gold prices increased slightly on Wednesday, aided by speculative purchases and a weakening U.S. dollar. This uptick comes despite inflation data revealing that the reduction in price pressures is slowing, suggesting the Federal Reserve may implement fewer interest rate cuts next year.

By 9:54 a.m. ET, spot gold had risen 0.2% to $2,602.89 per ounce, recovering from a two-month low seen on Tuesday. U.S. gold futures also climbed 0.1% to $2,608.80.

October’s U.S. Consumer Price Index (CPI) indicated that consumer prices rose in line with expectations. However, advancements in curbing inflation have slowed since mid-year, potentially leading the Federal Reserve to consider fewer rate cuts in the coming year.

Analysts noted that the market had been oversold following the post-election sell-off, leading to profit-taking and speculative buying at current price levels. They also pointed out that the dollar’s pullback is currently benefiting gold, as the inverse relationship between the two assets has become more pronounced after the election.

In other precious metals, spot silver held steady at $30.70 per ounce. Platinum declined by 0.8% to $938, and palladium decreased by 0.8% to $936.56.

Read the full article at Reuters.


James Miller

James Miller is a Senior Content Writer at McGruff.com. He has a background in investing and has spent most of his career in the financial industry. He can trace his family tree back to the California Gold Rush when his ancestors risked it all to make it big in the west. He feels like he's following in their footsteps as he strives to make sense of today's gold market.

Recent News