Gold Falls More Than $30 After U.S. Inflation Data Top Forecasts

Gold fell more than $30 an ounce to $4,046 after U.S. October consumer inflation readings exceeded expectations, while silver fell more than 3% to $51.72 an ounce. Both headline and core CPI rose more than forecast month over month.

The gold move was a short-term decline, with the metal at $4,046 per ounce after the drop. Silver’s loss was measured over the day, with its price at $51.72 per ounce.

The inflation surprise covered both reported measures: overall CPI and core CPI. Each monthly reading exceeded its forecast, making the hotter-than-expected result common to both metals’ price moves. Gold’s decline exceeded $30, while silver’s loss passed 3% during the day.

After the declines, gold stood at $4,046 per ounce and silver at $51.72 per ounce. The two quotes captured lower prices for both precious metals in the market reaction to U.S. October inflation data.