WASHINGTON (Alliance News) - Gold prices are little changed Wednesday morning, with traders seeking riskier assets after strong Chinese GDP data.
Meanwhile, US Federal Reserve Chair Janet Yellen's testimony before the House Financial Services Committee will be in focus, along with a raft of US economic data.
On Tuesday, testifying before the Senate Banking Committee, Yellen indicated the Fed may raise interest rates sooner than expected if the recovery in the US labor market is sustained.
Gold futures for August are up USD1.10 or 0.08% at USD1,298.20 an ounce. On Tuesday, gold futures had declined to USD1,292.60 an ounce, the lowest level since June 19.
Silver for September is down USD0.161 or 0.77% at USD20.728 an ounce. Meanwhile, copper is down marginally at USD3.248 per pound.
According to a report from China'sNational Bureau of Statistics, gross domestic product expanded 7.5% on year in the second quarter of 2014, beating forecasts for a 7.4% increase. On a seasonally adjusted quarterly basis, GDP gained an annualized 2.0% - also beating expectations for 1.8% and accelerating from 1.4% in the first quarter.
The US Labor Department will release a report on producer prices for final goods at 8:30 am ET. Economists expect the headline index to show 0.2% month-over-month increase in June, while excluding food and energy, the producer price inflation for final goods is expected at 0.2%.
At 9:15 am ET, the Federal Reserve is due to release its industrial production report for June. The consensus estimate calls for a 0.4% month-over-month increase in industrial output. The results of homebuilder confidence survey will be out at 10 am ET.