Precious Metals Preview: COMEX gold slumps near $4k per ounce mark

Precious metals continue to be beaten by rising inflation concerns amid elevated oil prices. US inflation data reinforced expectations of a Federal Reserve (Fed) interest rate hike later this year. US Personal Consumption Expenditures (PCE) Price Index climbed 0.5% in September after a 0.3% rise in August, the Commerce Department?s Bureau of Economic Analysis showed. The yellow metal is currently quoting at $4010 an ounce, down half a percent on the day while silver is plummeting further below $53 per ounce mark, lingering around one-year low.

Powered by Commodity Insights