Gold Prices Hit 4-Mo. High, But Hotter CPI Tempers Gains
Friday, 12 January 2018 21:10 WIB |
PRECIOUS METALS |GOLDEMASEmas berjangka
Gold prices are moderately higher in early U.S. trading Friday, but off the overnight gains that notched a four-month high. U.S. consumer price inflation that was a bit higher than expected helped to pull the gold market off its overnight highs.
However, gold and silver prices are being supported by a slumping U.S. dollar index and a surging Euro currency. February Comex gold was last up $5.90 an ounce at $1,328.30. March Comex silver was last up $0.124 at $17.09 an ounce.
The highlight of a busy day for U.S. economic data was the release of the consumer price index for December. The overall CPI was up 0.1%, which was in line with expectations. However, the core rate”minus food and energy prices”came in at up 0.3%, which was a bit higher than the up 0.2% that was expected.
Gold prices backed off right after the release of the CPI data, which falls into the camp of the U.S. monetary policy hawks, who want to see interest rates rise at a faster clip.
December U.S. retail sales data was also released this morning, coming in at up 0.4%, which was in line with trade expectations.
Source: Kitco News