Spot gold fell about 2% to around $4,053 an ounce after the hotter-than-expected US October CPI report, and silver dropped about 3%.
• Kitco's gold bid was $4,053.10 at 9:13 a.m. ET, down $86.30 or 2.08% on the day
• Silver's Kitco bid was $51.66 at 9:14 a.m. ET, down $1.64 or 3.08%
• October CPI rose 0.4% (0.3% expected) and core CPI rose 0.3% (0.2% expected); markets are fully pricing a December Fed hike
Why it matters: COIN BRO analysis: higher rates make non-yielding assets like gold less attractive, and the same pressure can hit crypto.
Source: Kitco
Not financial advice.
💬 Are you watching gold and the dollar as closely as bitcoin after this CPI print?
#Gold #Silver #CPI
• Kitco's gold bid was $4,053.10 at 9:13 a.m. ET, down $86.30 or 2.08% on the day
• Silver's Kitco bid was $51.66 at 9:14 a.m. ET, down $1.64 or 3.08%
• October CPI rose 0.4% (0.3% expected) and core CPI rose 0.3% (0.2% expected); markets are fully pricing a December Fed hike
Why it matters: COIN BRO analysis: higher rates make non-yielding assets like gold less attractive, and the same pressure can hit crypto.
Source: Kitco
Not financial advice.
💬 Are you watching gold and the dollar as closely as bitcoin after this CPI print?
#Gold #Silver #CPI