Gold rises 2% as dollar drops
Gold prices rose on Wednesday, as the US dollar fell against most of its peers, ahead of the Federal Reserve meeting minutes.
Data showed today that the US consumer price index rose 0.4% during September, beating forecasts of 0.3%.
The core consumer price index reading (excluding energy and food prices) rose 0.2% last month as expected.
The Federal Reserve will release later the minutes of its last meeting, during which the central bank hinted the possibility of starting taper the bond-buying program soon.
The dollar index fell against a basket of major currencies by 0.5% to 94.07 points as of 17:54 GMT, after hitting a high of 94.5 points and a low of 94.05 points.
Gold spot prices rose by 2% to $1,792.6 an ounce as of 17:54 GMT.
Dollar deepens losses ahead of Fed minutes
The US dollar fell against most of its peers on Wednesday, ahead of the Federal Reserve meeting minutes.
The Federal Reserve will release later the minutes of its last meeting, during which the central bank hinted the possibility of starting taper the bond-buying program soon.
Data showed today that the US consumer price index rose 0.4% during September, beating forecasts of 0.3%.
The core consumer price index reading (excluding energy and food prices) rose 0.2% last month as expected.
The US Congress decided recently to raise the debt ceiling and funding for federal agencies until early December.
The dollar index fell against a basket of major currencies by 0.5% to 94.07 points as of 17:51 GMT, after hitting a high of 94.5 points and a low of 94.05 points.
Oil holds ahead of US inventories data
Oil prices held on Wednesday, as the dollar fell against most of its peers, ahead of the US inventories data.
Commodity prices spiked recently, led by oil, metals, natural gas and others, due to strong demand and a drop in supply.
Data showed today that the US consumer price index rose 0.4% during September, beating forecasts of 0.3%.
The core consumer price index reading (excluding energy and food prices) rose 0.2% last month as expected.
The American Petroleum Institute will release its preliminary report on the US crude inventories later today, and the US Energy Information Administration will release the official data on Wednesday.
As of 16:37 GMT, WTI crude November futures rose less than 0.1% to $80.6 a barrel
Brent December futures held at $83.4 a barrel.
US stocks tilt lower after inflation data
Most of the main US stock benchmarks fell on Wednesday, after the release of the US inflation data, while the cooperate earnings reports season kicked off.
Major US banks kicked off the Q3 earnings reports season, which has a huge impact on the banking sector.
Data showed today that the US consumer price index rose 0.4% during September, beating forecasts of 0.3%.
The core consumer price index reading (excluding energy and food prices) rose 0.2% last month as expected.
As for stocks, Dow Jones fell 0.3% or 113 points to 34,264 as of 13:54 GMT, and S&P 500 fell 0.1% or 3 points to 4,346, while Nasdaq rose 0.3% or 44 points to 14,509.