PRECIOUS-Gold steadies near one-month high buoyed by softer dollar, yields

Reuters

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    Oct 14 (Reuters) - Gold prices hovered near a one-month peak
on Thursday as the dollar and longer-dated Treasury yields
retreated from recent highs following hotter-than-expected U.S.
inflation data. 
     
    FUNDAMENTALS
    * Spot gold  XAU=  was little changed at $1,793.72 per ounce
by 0100 GMT. Prices hit their highest level since Sept. 16 at
$1,795.81 on Wednesday.
    * U.S. gold futures  GCv1  slipped 0.1% to $1,792.20. 
    * Making the precious metal cheaper for holders of other
currencies, the dollar index  =USD  fell 0.5% overnight,
retreating from a more than one-year high.  USD/ 
    * Benchmark U.S. 10-year Treasury yields  US10YT=RR  pulled
back from a more than four-month high, reducing the opportunity
cost of holding non-interest bearing gold.  US/ 
    * U.S. consumer prices increased solidly in September as
Americans paid more for food, rent and a range of other goods,
putting pressure on the Biden administration to urgently resolve
strained supply chains, which are hampering economic growth.
 urn:newsml:reuters.com:*:nL1N2R914S
    * Minutes from the Federal Reserve's September meeting
showed the central banks could start reducing its crisis-era
support for the U.S. economy by mid-November, but policymakers
remained split over how big of a threat high inflation
represents and how soon they may need to raise rates in
response.  urn:newsml:reuters.com:*:nL1N2R91NQ
    * A group of banks that partnered with the London Metal
Exchange to launch gold and silver futures in 2017 is preparing
to abandon the project after hoped-for volumes did not
materialise, three sources with direct knowledge of the matter
said.  urn:newsml:reuters.com:*:nL8N2R449X
    * Holdings of SPDR Gold Trust  GLD , the world's largest
gold-backed exchange-traded fund, fell 0.2% to 982.72 tonnes on
Wednesday from 985.05 tonnes on Tuesday.  urn:newsml:reuters.com:*:nL4N2R94AQ
    * Spot silver  XAG=  rose 0.1% to $23.09 per ounce, having
hit a near one-month high in the previous session. 
    * Platinum  XPT=  was flat at $1,019.68 and palladium  XPD= 
eased 0.1% to $2,103.81, having jumped as much as 5.2% on
Wednesday.  

DATA/EVENTS (GMT)
0130  China      PPI, CPI YY          Sept
1230  US         Initial Jobless Clm  Weekly

 (Reporting by Eileen Soreng in Bengaluru; Editing by Amy Caren
Daniel)
 ((eileen.soreng@thomsonreuters.com; Within U.S. +1 646 223
8780, Outside U.S. +91 80 6749 6131; Reuters Messaging:
eileen.soreng.thomsonreuters.com@reuters.net))

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