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On Tuesday, gold gave back almost all of the previous day's gains - traders took profits, and a Fed official's comments about a possible rate hike in December added pressure.
Philip Lane, Chief Economist of the European Central Bank (ECB), indicated on the morning of November 10 that the rate hike cycle in the eurozone is not over. His words were published at 11:44 MSK, in the middle of the European session.
Brent crude closed at $92.57 on Monday, November 9 - down $5.75 for the session. Over the past week it fell 16%, the worst weekly result since the start of the COVID-19 pandemic.
The US consumer price report is published today at 16:30 Moscow time, but it will not include a year-on-year change. The reason is the US government shutdown a year earlier, because of which some of the data was simply not collected. This was reported by CNBC.
US September inflation came in above forecast: 3.7% versus expected 3.6%. Today, October 15, the market will receive three more important data blocks - PPI, retail sales and weekly jobless claims.
US September inflation accelerated to 3.7% year-on-year versus a forecast of 3.6%. After the release, the market sharply raised expectations for another Fed rate hike, the DXY dollar index rose to 102.84, and EUR/USD fell to a 17-month low.
Today at 15:30 MSK, the US consumer inflation report for September will be released. Headline CPI is expected at 3.6% year-on-year versus 3.4% in August, with gasoline prices potentially making the main contribution to the acceleration.
On October 12, gold lost 1.49% and dropped from $4,217 to $4,163 per ounce. Pressure came from rising oil, a stronger dollar, and high US bond yields.
