Gold Price Loses Altitude On Profit Taking

New York (July 11)  Gold prices have backed well down from their session highs and are near unchanged on the day, in late-morning trading Thursday. A U.S. consumer price index report that showed inflation was a bit hotter than expected somewhat dented bullish enthusiasm in gold, as the data fell into the camp of the U.S. monetary policy hawks. Also, some normal profit taking from the shorter-term futures traders is featured today, following recent good gains in the yellow metal. Still, most traders agree the Federal Reserve will remain dovish, overall, and lower interest rates later this month. Gold bulls also are maintaining their firm overall near-term technical advantage. August gold was last down $0.80 at $1,411.60.

Spot silver is down 10 cents at $15.20, while spot palladium plunges $32 to $1,562...as spot platinum slides $2 to $826.

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