Gold prices trade at highest since June ahead of U.S. CPI data
NEW YORK (July 12) Gold prices were slightly firmer Wednesday, trading at their highest levels since June, ahead of the release of the U.S. consumer-price index data that may give investors some insight into the future path of Federal Reserve interest rate rises.
Price action
- Gold futures for August delivery GC00, 0.72% GCQ23, 0.73% gained $4, or 0.2%, to $1,941 per ounce on Comex.
- Silver futures for September delivery SI00, 2.01% SIU23, 2.04% gained 11 cents, or 0.5%, to $23.39 per ounce.
- Palladium futures for September PAU23, 2.65% climbed by $11.60, or 0.9%, to $1,259 per ounce, while platinum futures for October PLV23, 2.38% gained $14.40, or 1.5%, to $946 per ounce.
- Copper futures for September HGU23, 1.39% gained 3 cents, or 0.9%, to $3.80 per pound.
Market drivers
Gold is trading at its highest level since late June as investors await Wednesday’s U.S. June consumer price index report.
Annual headline CPI inflation is expected by economists to have fallen to 3.1% from 4% in May, which would be the slowest pace in more than two years.
Annual core CPI, which strips out volatile prices such as those of food and energy, is expected to slow to 5% from 5.3% , while the month-on-month reading eases from 0.4% to 0.3%.
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