Related Post
Investing.com – Gold prices ticked higher on Wednesday, hitting the best levels of the session after data showed that U.S. consumer price growth in November.
Comex were up $4, or about 0.3%, at $1,251.20 a troy ounce by 8:45 AM ET (13:45 GMT), not far from a five-month peak of $1,256.60 touched at the start of the week.
Meanwhile, was trading at $1,246.28 per ounce, up $3.30, or 0.25%.
The Labor Department said its consumer price index was unchanged from a month earlier, slowing from the 0.3% increase seen in October. Analysts had forecast a 0.1% increase.
In the 12 months through November, consumer prices increased 2.2%, in line with forecasts and down from 2.5% in October.
Excluding the volatile food and energy components, the core CPI edged up 0.2%, matching expectations. The annual increase in the core CPI was 2.2%.
The data underlined expectations that the Federal Reserve will slow its pace of rate hikes next year.
Lower interest rates can give gold a lift, as it decreases the relative cost of holding on to the metal, which doesn’t offer investors any similar guaranteed payout.
The , which measures the greenback’s strength against a basket of six major currencies, was down roughly 0.2% at 97.15.
Dollar weakness usually benefits gold, as it boosts the metal’s appeal as an alternative asset and makes dollar-priced commodities cheaper for holders of other currencies.
In other metals action, gained 15.9 cents, or about 1.1%, at $14.78 a troy ounce.
was up 1% at $793.80, while rose 0.9% to $1,187.55.
Elsewhere, March held steady at $2.767 a pound.
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.
Source: Investing.com
