Gold settles lower; silver slides nearly 3%
Gold bars
Gold pared earlier losses on Wednesday after an unexpected decline in US producer prices eased expectations of tighter monetary policy, although inflation risks linked to escalating tensions in the Middle East continued to support the precious metal.
Data released on Wednesday by the US Bureau of Labor Statistics showed the Producer Price Index (PPI) fell 0.3% in June, versus expectations for no change.
According to the CME FedWatch Tool, the probability of a Federal Reserve interest rate hike at its July meeting fell to 10.2% from 16.6% before the data release.
Meanwhile, geopolitical tensions continued to weigh on markets after the US announced a new wave of military strikes against Iran following the reimposition of a naval blockade on its ports.
|
Gold and Silver Futures Prices |
|||
|
Metal |
Price ($/oz) |
Change ($) |
Change (%) |
|
Gold (August Futures) |
4,051.80 |
(17.90) |
(0.44%) |
|
Silver (July Futures) |
57.11 |
(1.662) |
(2.83%) |
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