Gold down for third straight session as markets await U.S. inflation data - CNBC

AI desk brief

Gold fell for a third straight session after a hotter-than-expected U.S. CPI print boosted Fed hike expectations and lifted the dollar and Treasury yields. Spot gold dropped 1.7% to $4,086.06/oz, the lowest since Oct. 7, while December futures fell 1.6% to $4,108.60/oz; silver lost 4.1% to $56.99/oz, platinum 2% to $1,629.79/oz and palladium 0.7% to $1,118.46/oz.

Markets now price about a 44% chance of an October rate hike, up from 22% before the inflation data, and a 95% probability of a December increase, according to CME FedWatch. Analysts said the near-term pressure comes from higher yields and a stronger dollar, though Julius Baer’s Carsten Menke said gold should later benefit from central-bank buying and renewed concern over U.S. debt servicing costs.