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Gold drops slightly on profit taking

CHICAGO
2022-11-16 04:06

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CHICAGO, Nov. 15 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange dropped slightly on Tuesday on profit taking.

The most active gold contract for December delivery fell 0.1 U.S. dollar, or 0.01 percent, to close at 1,776.8 dollars per ounce.

U.S. Labor Department reported Tuesday that U.S. producer price index (PPI), a key inflation barometer, rose just 0.2 percent in October, lower than a 0.4-percent gain forecast by economists. The reading suggests that inflation is on the wane after hitting a 40-year high earlier in the year.

The New York Fed's Empire State Manufacturing Index released on Tuesday climbed 14 points to 4.5 in November.

Silver for December delivery fell 59.5 cents, or 2.69 percent, to close at 21.518 dollars per ounce. Platinum for January delivery fell 10.6 dollars, or 1.03 percent, to close at 1,022.4 dollars per ounce.
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