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Hot Inflation Report Sends Gold and Silver Lower as Netflix Plans 1,000 Job Cuts
Stronger-than-expected US inflation sent gold and silver prices tumbling, bringing the precious metals close to their lowest levels in about two-and-a-half months as investors reassessed the likelihood of another Federal Reserve interest-rate increase, Forbes Daily reported.
The September inflation report showed that consumer prices rose 3.7% year over year, exceeding economists' expectations.
The data increased concerns that interest rates could remain elevated or rise further, putting pressure on precious metals, which do not pay interest.
Silver experienced particularly sharp losses, while gold also fell as the US dollar strengthened and Treasury yields initially rose. Both metals began recovering early Thursday as Treasury yields and the dollar retreated, according to a subsequent Forbes report.
The rebound did not necessarily signal the end of the broader pullback.
Separately, Netflix plans to eliminate approximately 1,000 jobs, equivalent to about 6% of its global workforce. The reductions represent the company's largest round of layoffs since 2022, according to reporting cited by Forbes Daily.
The cuts come as Netflix faces a more challenging growth environment and increased competition across the streaming industry.
The company has been reassessing its spending priorities as it seeks to sustain engagement and expand its business.
US stocks also fell sharply on Wednesday following the inflation report. The Nasdaq Composite declined about 1.9%, the S&P 500 fell approximately 1.1%, and the Dow Jones Industrial Average slipped about 0.1%.
The market declines reflected investor concerns that stubborn inflation could limit the Federal Reserve's room to ease monetary policy. Higher interest rates can also increase borrowing costs for businesses and reduce the appeal of riskier investments.
