Gold price extends decline as Fed rate hike bets grow - Mining.com.au

AI desk brief

Spot gold fell 0.7% Wednesday to just above US$4,000/oz after reaching US$4,066, extending Tuesday’s nearly 3% decline following October CPI growth of 0.4% versus 0.3% expected. The report says markets fully priced at least a 25bp December Fed hike, with 50bp odds rising to 13.2% from zero, while the dollar reached a four-week high. Further dollar strength could pressure gold, although nominal-rate expectations alone do not establish real-yield changes. StoneX’s Bob Haberkorn said strong third-quarter central-bank buying had supported gold despite tightening concerns. Silver rose 1.6% to above US$52/oz.