News Column

Gold Holds USD1,270 Ahead Of US Inflation Data

June 13, 2014

WASHINGTON (Alliance News) - Gold prices are little changed Friday morning after solid gains earlier the week, with developments in Iraq boosting the precious metal's safe haven appeal.

Investors are also awaiting the data on US producer prices and consumer sentiment, due later this morning.

Gold futures for August delivery are down USD1.60 or 0.13% at USD1,272.40 an ounce.

On Thursday, gold futures ended up USD12.80 or 1% at USD1,274.00 an ounce, extending gains to a fourth successive session.

Silver for July is up USD0.010 or 0.05% at USD19.543 an ounce. Meanwhile, copper is up USD0.013 or 0.43% at USD3.029 per pound.

On the economic front, the Labor Department will release its report on producer prices at 8:30 am ET. Economists expect the producer price index for final demand as well as the core producer price index for final demand to increase by 0.1% each.

Reuters and the University of Michigan are due to release the preliminary estimate of its consumer sentiment index for June at 9:55 am ET. The consumer sentiment index is expected to increase to 83 from 81.9 in May.

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Source: Alliance News

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