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9 Dec 2021

Gold Down, Dollar Up as Investors Await U.S. Inflation Data

The Index Today

Gold was seen down on Thursday morning in Asia, opposite with the U.S. dollar that is on an upward trend. Investors are now waiting to the U.S. inflation data which could provide clues on the Federal Reserve's next policy move.

Gold futures were up 0.66% to $1,671.75 by 10:56 PM ET (3:56 AM GMT). The dollar, which normally moves inversely to gold, inched up on Thursday morning.

U.S. data, including the consumer price index (CPI), is due on Friday. Investors also digested Wednesday’s JOLTs job opening figure, which surged to 11.033 million in October. However, decreasing hiring also suggests a worsening worker shortage, investing news portal reported.

The Fed is expected to hike interest rates in the third quarter of 2022, earlier than expected a month ago, according to a Reuters poll. Most of the respondents added that the risk was of an even-sooner interest rate hike.

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