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Gold gains with yields, dollar slipping after inflation data

Bullion has come under pressure this year.
Image: Andrey Rudakov, Bloomberg
Gold advanced after U.S. inflation data came in lower than expected, easing concerns that the Federal Reserve will be forced to pare back its bond buying soon. Palladium extended a slide.

The consumer price index increased 0.3% from July, the smallest advance in seven months, according to a government report Tuesday. The dollar declined and Treasury yields slipped, boosting demand for non-interest-bearing bullion.

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Bullion has come under pressure this year on concerns pandemic-era stimulus programs will soon be tapered as the global economy recovers. Last year, the metal surged to a record high on a wave of investor money, much of which has since been clawed back.

  • The inflation data “likely eased fears that the Fed will be forced to take an aggressive approach to taper later this year,” TD Securities strategists led by Bart Melek said in a note. “Given the Fed’s apparent tilt to full employment, any data weakness should serve as an accelerator to gold’s upside move.”
  • Spot gold rose as much as 0.8% to $1,808.67 an ounce and was trading at $1,804.16 as of 12:36 p.m. in New York. The Bloomberg Dollar Spot Index fell as much as 0.3%. Silver gained while platinum fell. Palladium dropped as much as 5.8%, slipping below $2,000 for the first time since July 2020.
© 2021 Bloomberg L.P.

COMMENTS   1

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Gold will always be an important asset, it is as part of the human species as blood and history.

Cryptos and the highly indebted Dollar might be more popular for a few years or decade, but Gold will always be the final winner/ruler.

There is only 57,000 tones of Gold waiting to be mined.

End of comments.

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ECONOMIC DATA  

  CPIThe Consumer Price Index (CPI) measures monthly changes in prices for a range of consumer products Aug 2021 4.60%
  CPI ex OERThe Consumer Price Index excluding Owners’ Equivalent Rent (CPI ex OER) measures monthly changes in prices for a range of consumer products excluding Owners’ equivalent rent that measures changes in the cost of owner-occupied housing Aug 2021 5.20%
  RepoThe rate at which the Reserve Bank lends money to the country’s commercial banks and set by the Reserve Bank’s Monetary Policy Committee. Sep 2021 3.50%
  Prime lendingThe Prime Lending Rate is the rate of interest that commercial banks will charge their clients when issuing a loan (home loan or vehicle finance) Sep 2021 7.00%
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