InstaForex InstaForex

Prime News

Gold Steady Ahead of U.S. Inflation Data

Gold Steady Ahead of U.S. Inflation Data

Gold prices held firm on Tuesday, supported by a weaker dollar, while investors await the U.S. inflation data for clues on the pace of interest rate hikes.

Spot gold climbed 0.3 percent to $1,326.51 per ounce. On Monday, it increased 0.5 percent in its largest one-day percentage gain in over a week.

U.S. gold futures were down 0.1 percent at $1,324.6 an ounce.

Holdings of SPDR Gold Trust, the largest gold-backed exchange-traded-fund (ETF), dropped 2.5 percent last week, the worst since the week ended July 30.

Investors await the U.S. inflation data for January which is set to be released on Wednesday.

Inflation expectations were slightly lower last month, dulling a year-end rise, according to a recent survey published by the Federal Reserve Bank of New York.

Worries on inflation generally boost gold, which is seen as a safe haven against rising prices. However, expectations that the Fed will hike interest rates to fight inflation make gold less attractive because it does not pay interest.

In other precious metals, silver climbed 0.8 percent to $16.48 per ounce, platinum was up 0.2 percent at $972.50 an ounce and palladium rose 0.2 percent to $986.80 per ounce.

Recommend: Prime News
 
Gold on Track for Worst Week Since Early December
23 Feb 2018, 07:29 UTC+00   
Views today: 1357 
Wall Street Mostly Higher as Interest Rate Concern Ease
23 Feb 2018, 01:33 UTC+00   
Views today: 1341 
Oil Drops to $66 per Barrel as U.S. Output Offsets OPEC Cuts
23 Feb 2018, 12:22 UTC+00   
Views today: 1331 
US 10-Year Treasury Yield Pulls Back from 4-Year Peak
23 Feb 2018, 02:37 UTC+00   
Views today: 1330 
European Markets End Mostly Lower as U.S. Interest Rate Outlook...
23 Feb 2018, 00:53 UTC+00   
Views today: 1326 

All Prime news

Start trading with
no risks and investments
With new Start-Up Bonus of $1000
Get bonus
55%
from InstaForex
on every deposit
Earn up to
$50000
for inviting friends to get StartUp Bonus from InstaForex
No investments required!