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The headline US Producer Price Index (PPI) rose at an annual pace of 9.7% in January, according to the latest report from the US Bureau of Labor Statistics on Tuesday. MoM, PPI came in at 1.0% in January, well above expectations for a 0.5% MoM gain. Core PPI metrics were also significantly hotter than expected, with the YoY rate falling less than expected to 8.3% in January from 8.5% the month prior against forecasts for a decline to 7.9% and the MoM rate rising to 0.8% from 0.6% in December, well above the expected 0.5% gain.
Gold fell this morning due to the retreat of some Russian forces from their border positions in a strategic move indicating the possibility that negotiations would win and that a Russian invasion of Ukraine would not occur, which damaged the morale of commodities, especially gold and oil.
Gold fell more than 1% to trade at 1851.75, down by 1.03%, as well as silver fell by 2.63% to trade at 23.22.
Crude oil fell 2.52% to trade at $93.08 a barrel, as well as Brent crude fell by 2.33% to trade at $94.21 a barrel.
The US dollar index is also down 0.3% to $96.08 against a basket of foreign currencies.
US Treasury yields rose by 1.85% to 2.033%.
