Gold slides as dollar surges on Fed rate hike view

Comex Gold

In other safe-haven assets, yields on U.S. 2-year treasuries reached the highest level since October 2008 and gold dipped to a one-month low of $1,283.68 per ounce.

Kevin Logan, chief USA economist at HSBC Securities, in NY, said her message is that "they're not really sure" whether the weak inflation is transitory but that "nonetheless policy is accommodative".

Labour market conditions that are not as tight as official bodies believe could be one of these mistaken assumptions, according to Yellen, so too is the FOMC's estimation of the extent to which changes in employment impact on inflation. As the figure shows, based on that history, there is a 30 percent probability that inflation could be greater than 3 percent or less than 1 percent next year.

Trump warned North Korea on Tuesday that any United States military option would be "devastating" for Pyongyang, but said the use of force was not Washington's first option. She sees two-sided risks to policy normalization, but thinks that the risks of doing nothing pose a bigger threat than the risk of a resumption of gradual rate normalization. The S&P 500 closed a fraction of a point higher at 2,496.84, with eight of the 11 main sectors ending lower.

Investors are also looking to a tax reform plan due to be announced on Wednesday by U.S. President Donald Trump and fellow Republicans that could boost growth and inflation.


Stocks pare gains as Fed's Yellen leaves imminent rate hike on the table.

In Europe, the German 10-year government bond took a cue from the US, rising more than 6 basis points to hit 0.464%. Meanwhile, new-home sales tumbled last month, running at a seasonally adjusted annual pace of 560,000.

The Dow Jones Industrial Average slipped 11.77 points, or less than 0.1%, to 22,284.32. OIL AND METALS Brent crude oil fell as much as 1 percent on the strong dollar and a report of a possible increase in Nigerian exports but held not far from Tuesday's 26-month high. The world equity markets took this as a positive sign that a strengthening US economy and rising inflation will help the other major industrialized countries' economic growth prospects, as well as reignite some wanted inflation.

On the economic front, US new orders for manufactured durable goods in August increased 3.9 billion USA dollars, or 1.7 percent, to 232.8 billion dollars, beating market consensus, the Commerce Department announced Wednesday. Chinese stocks bucked the trend with the Shanghai Composite up by 0.1%. Brent crude, the standard for worldwide oil prices, gained 22 cents to $58.14 a barrel in London. This sends the dollar higher after the initial fall, but like Yellen, the dollar seems uncertain.

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