AGE Daily Gold Update

AGE Daily Gold Update presents a recap on today's action in the precious metals markets. View archives.

11/13/2024: Gold falls for fourth session

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold fell another 0.7% to close under $2,581 after a mild increase in the annual CPI lifted Treasury yields and the dollar, pressuring alternative assets. It was bullion’s fourth straight down session. Silver slipped 10 cents to $30.59 an ounce.

The consumer price index rose 0.2% in October, as forecast, lifting the 12-month inflation rate to 2.6% from 2.4% in September. While in line with expectations, it was the first annualized increase since March. The narrower core rate, stripping out food and energy, increased 0.3% to hold at 3.3% for 12 months.

Benchmark 10-year Treasury yields climbed to the highest level since early July as traders brace for the onset of inflationary policies from President-elect Trump. Higher yields weigh on gold by increasing the opportunity cost for holding it instead of bonds for safety.

Tracking with yields, the dollar added another 0.4% to hit a one-year high against major rivals. A stronger dollar is a headwind for gold and other commodities because it makes them more expensive in other currencies.

President Trump’s promises of blanket tariffs on imports are expected to increase prices to consumers. In addition, his plan a=calling for the mass deportation of immigrants could reduce the labor force for low-paying jobs, and thereby raise labor costs that would be passed along to consumers.

Platinum and palladium fell 0.2% and 0.9%, respectively.

At the New York spot close: gold dropped $19.20 to $2,580.80; silver slid a dime to $30.39; platinum shed $1.95 to $940.95; and palladium slid $8.90 to $932 an ounce.