WASHINGTON (dpa-AFX) - Giving up an early advance and adding to the losses from yesterday's session, gold prices have edged lower on Wednesday after inflationary pressures returned to markets with Iran hardening its stance against the U.S. Coupled with hawkish comments from senior Federal Reserve officials, the U.S. Dollar Index moved higher, weighing on gold prices.
Front Month Comex Gold for December delivery has moved lower by $31.20 (or 0.77%) to $3,999.00 per troy ounce.
Countering the trend, Front Month Comex Silver for December delivery has soared by $0.800 (or 1.56%) to $52.025 per troy ounce.
Yesterday, in an interview with Lebanon's Al Mayadeen TV, denying any meetings between officials, the Secretary of Iran's Supreme National Security Council Major General Mohsen Rezaei took a harsh stance against the U.S.
Rezaei observed that after presenting its seven conditions to the U.S., Iran is waiting for its response.
Rezaei also remarked that the U.S. claims on ongoing negotiations with Iran and a meeting in Qatar are lies spread to bring down oil prices.
Rezaei vowed that Iran would not allow the removal of even a single particle of enriched nuclear material out of the country.
In an interview with Al Jazeera, Iranian parliament speaker Mohammad Bagher Ghalibaf stated that Iran has provided the U.S. with a clear and transparent response that outlines Iran's demands. Stating that Iran's priority is peace, Ghalibaf remarked that the 'ball is now in the U.S.' court.'
On Sunday, Trump stated that new attacks on Iran would be highly unlikely.
Yesterday, Trump remarked that Arabian leaders wanted the U.S. to maintain the status quo and that he had conceded to their request. Trump optimistically observed that he was seeing a positive momentum towards ending the conflict.
Besides Trump, U.S. Secretary of State Marco Rubio also remarked that the economic campaign against Iran is working so well that there would not be any need for a major combat operation.
Meanwhile, incidents of vessels transiting the Strait of Hormuz hitting the naval mines laid by Iran continue.
Adding to the uncertainty, yesterday, the Financial Times reported that Israel's Prime Minister Benjamin Netanyahu has been calling Trump daily, urging him to recommence the war.
On Monday, Richmond Fed President Tom Barkin cautioned that tackling inflation could be the biggest policy risk and Chicago Fed President Austan Goolsbee warned that the AI-driven economic expansion could force policymakers to address rising costs.
Yesterday, Fed Governor Christopher Waller stated that he would support a quarter-point rate increase in December and even push for a half-point move if inflation worsened.
Today, Federal Reserve Governor Michelle Bowman remarked that inflation is broadening and there is more work to do on rates.
In addition, while Dallas Fed President Lorie Logan called for two more rate hikes, possibly rapidly, Philadelphia Fed President Anna Paulson observed that the central bank has more interest rate hikes ahead.
Yesterday, the U.S. Consumer Price Index for October increased 0.4%, above economists' expectations. The core consumer prices increased by 0.3%.
Today, the U.S. Mortgage Bankers Association's Purchase Index increased to 141.20 on November 6 from 131.40 of the previous week.
With the Hormuz crisis unresolved, today, WTI crude oil for December was last seen trading, down by $1.02 (or 1.19%), at $87.06 per barrel.
The U.S. dollar index was last seen trading at 102.89, up by 0.66 (or 0.65%) today.
According to the CME Group's FedWatch Tool, investors are currently betting on a 87.10% chance of a 25-basis-point interest rate hike at the upcoming meeting of the U.S. Federal Reserve on December 8-9. Further, the odds on a half-point rate hike stand at 12.90%.
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