Investing.com – Gold prices moved higher on Friday, as sentiment on the greenback remained vulnerable ahead of highly-anticipated data on U.S. inflation due later in the day.
Comex were up $2.55 or about 0.20% at $1,299.05 a troy ounce by 03:15 a.m. ET (07:15 GMT), just off a two-and-a-half week high of $1,300.73 hit overnight.
The greenback was boosted after the U.S. Department of Labor reported on Thursday that initial jobless claims fell more than expected to last week.
A separate report showed that producer prices increased in September, in line with expectations. Core producer prices, which exclude food and energy also rose , beating expectations for a 0.2% uptick.
The data came a day after the of the Federal Reserve’s September policy meeting showed that policymakers .
Several policymakers believe additional tightening will depend on upcoming inflation data. However, most Fed members said they feel another rate increase this year “was likely to be warranted,” the report showed.
But the U.S. dollar weakened ahead of the highly-anticipated set to be released later Friday.
The , which measures the greenback’s strength against a trade-weighted basket of six major currencies, was steady at 92.91, not far from the previous session’s two-week trough of 92.64.
Gold is sensitive to moves in both U.S. rates and the dollar. A weaker dollar makes gold less expensive for holders of foreign currency, while a rise in U.S. rates lifts the opportunity cost of holding non-yielding assets such as bullion.
Elsewhere on the Comex, gained 0.30% to $17.32 a troy ounce.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Investing.com – Gold prices moved higher on Friday, as sentiment on the greenback remained vulnerable ahead of highly-anticipated data on U.S. inflation due later in the day.
Comex were up $2.55 or about 0.20% at $1,299.05 a troy ounce by 03:15 a.m. ET (07:15 GMT), just off a two-and-a-half week high of $1,300.73 hit overnight.
The greenback was boosted after the U.S. Department of Labor reported on Thursday that initial jobless claims fell more than expected to last week.
A separate report showed that producer prices increased in September, in line with expectations. Core producer prices, which exclude food and energy also rose , beating expectations for a 0.2% uptick.
The data came a day after the of the Federal Reserve’s September policy meeting showed that policymakers .
Several policymakers believe additional tightening will depend on upcoming inflation data. However, most Fed members said they feel another rate increase this year “was likely to be warranted,” the report showed.
But the U.S. dollar weakened ahead of the highly-anticipated set to be released later Friday.
The , which measures the greenback’s strength against a trade-weighted basket of six major currencies, was steady at 92.91, not far from the previous session’s two-week trough of 92.64.
Gold is sensitive to moves in both U.S. rates and the dollar. A weaker dollar makes gold less expensive for holders of foreign currency, while a rise in U.S. rates lifts the opportunity cost of holding non-yielding assets such as bullion.
Elsewhere on the Comex, gained 0.30% to $17.32 a troy ounce.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
