Gold and copper pull back as US dollar gains on stronger US Producer Price Index Inflation
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Gold ($2,668/oz) sells off as US producer inflation surprises to the upside
- Gold prices weakened sharply yesterday in the wake of US PPI inflation data which came in hotter than expected.
- The implication is that the Fed will feel inclined to maintain higher rates for longer.
- The 10 year rose to 4.33% having been as low as 4.13% after last week’s jobs report.
- This weighed on gold prices, pushing them down from $2,725/oz yesterday to $2,668/oz today.
- The dollar is also pressuring gold, with the Euro, Pound and Yen all weakening against the …