[Translate to English:] Marktturbulenzen in Großbritannien und US-Verbraucherpreisdaten bewegen Goldpreise

In the run-up to yesterday's publication of US inflation data, the markets were particularly focused on UK market turbulence. Since the British Chancellor of the Exchequer Kwarteng announced a budget containing unfunded tax cuts about a fortnight ago, the markets for British government bonds, or "gilts," have been out of control. What is presumably a significantly increased need for the UK government to fund the additional debt through new government bond issuance has resulted in a sharp rise in yields. In the wake of movements in the gilt markets, yields on eurozone country bonds also climbed, in some cases to levels not seen since 2011. Gold prices faced strong headwinds from rising capital market interest rates and the renewed appreciation of the US dollar due to increasing market uncertainty.

US inflation surpasses forecasts

Headwinds intensified yesterday when consumer price inflation in the US fell not as expected from 8.3 per cent in August to 8.1 per cent, but to 8.2 per cent in September. The core inflation rate increased even further from 6.3 to 6.6 per cent, exceeding the 6.5 per cent forecast. The US monetary watchdogs are likely to have followed this development with concern, and a further rate hike of 75 basis points at the next Fed meeting in just under three weeks is likely. US treasuries reacted promptly with a sharp rise, as did the US dollar. Gold prices, on the other hand, dropped to a weekly low.

Weaker gold prices week-on-week

While the precious metal traded at 1,710 US$ per ounce last Friday morning, it slumped below the 1,700 mark over the course of the day. Until yesterday afternoon, it moved mostly between 1,670 and 1,680 per ounce, and immediately following US consumer price data publication lost roughly US$35, hitting 1,643 US$ within a very short time. However, with the US dollar weakening over the course of the day and a significantly more risk-averse sentiment, gold was quickly on the path to recovery. This morning, it traded at just under 1.670 US$ per ounce.

Xetra-Gold also weakened, from 56.20 € per gram last Friday morning to 54.55 yesterday afternoon. This morning, Xetra-Gold should start trading slightly higher, at around 54.85 € per gram.

Market movements in the interest rate and bond markets are likely to remain dominant in determining the direction of gold prices in the coming days.

I wish all readers a relaxing weekend.