Gold price slightly down ahead of U.S. inflation data, Fed-speak
New York (Jan 13) Gold futures prices are down a bit in early U.S. trading Thursday, as the market pauses ahead of another U.S. inflation report and as a Federal Reserve official is set to testify to the Senate. The precious metals have been supported this week by friendly daily outside markets that include higher crude oil prices, a weaker U.S. dollar index and a slight drop in U.S. Treasury yields. February gold futures were last down $2.90 at $1,824.40 and March Comex silver was last up $0.043 at $23.245 an ounce.
The U.S. gets another key inflation report today. The December producer price index is expected to come in at up 0.4% from November and follows a rise of 0.8% in the November report. The consumer price index report that was out Wednesday ran hot, showing an annual rise of 7.0%.
Traders will also be monitoring Federal Reserve governor Lael Brainard's comments as she appears today before a Senate committee regarding her nomination for vice chair of the Federal Reserve.
Global stock markets were mostly higher overnight. U.S. stock indexes are pointed toward slightly higher openings when the New York day session begins. Risk appetite is not robust late this week, but neither is risk aversion.
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