Finance Commodities News

"Gold Slides Below $2000 as U.S. Inflation Exceeds Expectations"

Spot gold prices fell below $2,000/oz for the first time in two months after higher than expected U.S. inflation data dimmed hopes for an early interest rate cut from the Federal Reserve, pushing yields and the U.S. dollar to two-month highs. Precious metals miners traded broadly lower, and the gold price is expected to fall further in the short term, but significant cuts could come later in the year. The data showing consumer prices in January rose by a higher than expected 3.1% Y/Y, leading to a decline in gold prices, while the rise in the dollar and concerns about global economic conditions also impacted commodity markets.