News Column

Gold Lingers Near USD1,300 Ahead Of Inflation Report

August 19, 2014

WASHINGTON (Alliance News) - Gold prices are up slightly amid cautious moves Tuesday morning, ahead of the release of US consumer price inflation data.

Traders are also looking ahead to the minutes from US Federal Reserve's July monetary policy meeting, due Wednesday.

Gold futures for December delivery are up USD3.60 or 0.28% at USD1,302.90 an ounce.

Gold futures ended down USD6.90 or 0.5% at USD1,299.30 an ounce on Monday, as investors sought riskier assets, tracking strong global equity markets.

The dollar's rise against some major currencies on the back of an upbeat US homebuilder confidence data too contributed to the yellow metal's decline.

Silver for September is up USD0.058 or 0.30% at USD19.693 an ounce. Meanwhile, copper is up USD0.005 or 0.15% at USD3.114 per pound.

The US Labor Department will release its consumer price inflation report at 8:30 am ET. Economists expect the consumer price index to edge up by 0.1% month-over-month in July, while core consumer price index may have risen 0.2%.

Around the same time, the Commerce Department is due to release its housing starts report for July. The consensus estimates call for housing starts to come in at a seasonally adjusted annual rate of 963,000 in the month.

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Source: Alliance News

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