The U.S. inflation report showed larger-than-forecast monthly price increases Tuesday as gold extended an earlier decline to $4,046 an ounce, putting fresh data before the Federal Reserve’s December policy meeting.
Gold’s Tuesday morning quote followed a drop of more than $30 an ounce. Silver was quoted at $51.72 an ounce that morning, down more than 3% for the day. Both metals had already weakened before the inflation release: EconoTimes reported an earlier 2% drop in silver and 1.23% decline in gold.
The U.S. Bureau of Labor Statistics (BLS) said its consumer price index rose 0.4% in October from September. The index excluding food and energy rose 0.3%. Both monthly readings exceeded forecasts.
The monthly headline increase eased from 0.6% in September, while the core increase held at 0.3%. Food prices rose 0.5% in October, energy prices increased 0.7% and shelter costs climbed 0.3%. Shelter accounted for more than 30% of the monthly headline increase, BLS said.
BLS said a lapse in appropriations prevented it from collecting October 2025 survey data, leaving it unable to publish indexes for most series. Most annual inflation rates were unavailable.
The Fed’s next policy meeting is scheduled for Dec. 8-9. BLS is scheduled to release November CPI data Dec. 10.
