Gold futures fell for a second session on Wednesday to settle at a fresh three-week low. The latest U.S. consumer price index data offered “little clarity” to the Federal Reserve’s policy outlook, said Han Tan, chief market analyst at Exinity. The uptick in core CPI may “keep bets of one more Fed rate hike alive, with such prospects capping gold’s potential upside in the interim,” he said. “As long as hopes for Fed rate cuts are kept at bay, bullion bulls should struggle to carve out meaningful gains for the precious metal.” December gold GCZ23, -0.17% declined by $2.60, or 0.1%, to settle at $1,932.50 an ounce on Comex. Prices based on the most-active contract settled at their lowest since Aug. 22, according to Dow Jones Market Data.
This article was originally published by Marketwatch.com. Read the original article here.
