Gold holding overnight gains above $4,100 even as US PPI rises 6.3% in September - Kitco

US September PPI 6.3% vs 5.3% expectedUS October Philly Fed business index +20.9 vs +28.4 expectedUS October Empire Manufacturing index +25.50 vs +10.25 expectedUS retails sales for September 0.8% MoM vs 0.3% estimate. Prior month 1.3%Canada August manufacturing sales +1.5% vs +1.1% expectedUS initial jobless claim 199K vs 200K estimateUS August business inventories +0.4% vs +0.4% expectedUS weekly EIA crude oil inventories -8557K vs -288K expectedAtlanta Fed GDPNow holds at 3.6% for Q3 as consumer spending outlook improvesMarkets:WTI crude oil up $2.50 to $97.59US 10-year yields down 9.9 bps to 5.09%S&P 500 up 0.4%Gold up $61 to $4166CHF leads, USD lagsThe most-interesting development of the afternoon in US trading was that an AI focused fund that may have had $40 billion AUM blew up. The fund's latest holdings correspond strongly with some of the worst performers lately so the story fits, including top holdings Nebius, Bloom, Lumentum and CoreWeave. After that rumor began to do the rounds, there was some dip buying in stock markets that snowballed. The thinking may follow what happened with Situational Awareness where once it was clear what happened, the buyers returned.

(Kitco NewsWire) – Spot gold and silver prices are solidly higher in early U. S. trading Thursday, rebounding from Wednesday's sharp losses as falling Treasury yields, a weaker U. S. dollar and renewed safe-haven demand outweighed another upside U. S. inflation surprise. A technology-led global equity selloff pushed investors toward government bonds and bullion, even as September producer prices rose much faster than expected. At the time of writing, spot gold was trading near $4,147.50 an ounce, up $43.00, or 1.05%, while spot silver was trading near $56.620, up $1.10, or 1.99%. Market positioning remains caught between persistent inflation and growing concerns about the sustainability of the AI-driven equity rally. September producer prices surged 1.3% on the month and 6.3% from a year earlier, the largest monthly advance since March 2022. Producer energy prices jumped 10.8%, including a 20.3% increase in gasoline. The report followed Wednesday's stronger-than-expected CPI, which showed headline inflation rising 0.6% on the month and 3.7% annually. September retail sales increased 0.8%, exceeding forecasts, although sales excluding autos and gasoline rose just 0.2%.

When she woke up in the middle of the night last Thursday, Jasmine Ault went to check her phone like she usually would. But she didn’t expect to see a notification telling her that her Instagram and Facebook account had been permanently disabled by Meta. It was only the start of an odyssey of frustration and anxiety spanning multiple days as Ault struggled to get to the bottom of how 20 years of personal data and professional contacts had been taken from her overnight  — all while being stonewalled by AI customer service with no option to reach a human being, even after paying extra. “It feels like I've lost everything in a metaphorical fire with my digital albums and my digital memories,” Ault, who lives in Toronto, told CBC News. “And who's going to protect those if I can only speak to AI?”Ault is only the latest victim in a pattern growing increasingly common over the past two years. Numerous Canadians have reported their Meta accounts being abruptly wiped, leaving them stuck interfacing with AI chatbots unable to grasp the complexities of their situation.