The price of gold fell on Wednesday after reaching a historical maximum in the previous wheel, with the market waiting for economic data in the United States this week that can give more details about a future path of interest rates by the Federal Reserve.
Cash gold dropped 0.5% to $ 3,744.19 per ounce, after touching a record of 3,790.82 dollars on Tuesday. Gold futures in the United States for delivery in December yielded 1%, to 3,776.50 dollars.
The dollar index rose 0.6%, which increased the gold quoted for the holders of other currencies. The 10 -year treasure bond yields also advanced.
“Gold continues to assimilate some of the comments made yesterday by the Federal Reserve, as well as geopolitical tensions with Russia (…) There is some caution in the face of the publication of some economic data,” said Phillip Streible, Blue Line Futures Mercado Head of Market Estate.
Jerome Powell said Tuesday that Fed will continue to balancing concerns about the weakness of the labor market and those of inflation, while the authorities of the US central bank adopted positions on both sides of the division of the trajectory of monetary policy.
Investors are now aware of the US personal consumption expenses index, the Fed’s favorite inflation indicator -which will be published on Friday -in search of tracks on possible feat cuts.
Market actors foresee two sales more than 25 basic points this year, one in October and one in December, with a probability of 94 and 77%, respectively, according to the CME Fedwatch tool.
Gold, considered a shelter asset in times of uncertainty, tends to behave well in an environment of low rates.
In other precious metals, money in cash fell 0.3%, to $ 43.89 an ounce. Platinum dropped 0.2% to $ 1,470.96; and the paladium yielded 0.2% to $ 1,216.17.
Copper touches maximum
The copper touched on Wednesday its highest level in more than 15 months, after Freeport-Mcmarlan declared force majeure in its Grasberg mining complex, in Indonesia, and drastically cut the production forecasts by 2026.
The market had already discounted a certain shortage of supply, but Freeport’s update, which said that the production of its Indonesian unit in 2026 could be 35% lower than previous estimates, made the three -month reference copper in the London Metal Stock Exchange (LME) shoot 3.9%, at 10,358.5 dollars a ton.
It was the highest level since May 2024, when it reached a record of 11,104.5 dollars a ton. The red metal advanced later at 10,335.5 dollars.
