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Gold Barely Budges Ahead Of Inflation Data

Thu, 12th Oct 2017 14:01


WASHINGTON (Alliance News) - Gold futures were slightly lower Thursday morning ahead of a snapshot on US inflation that may influence the course of interest rates.

Dec. gold was down USD2 at USD1292 an ounce.

The Labor Statistics' Producer Price Index for September will be published at 8.30 am ET. The Final Demand-Intermediate Demand consensus is for growth of 0.4%, up from 0.2% in the previous month.

Consumer price data is due tomorrow morning.

A number of Federal Reserve officials want more confidence about higher inflation before supporting another rate-hike, the minutes of the central bank's September meeting show.

While some say waiting for inflation to hit the central bank's 2% target before further interest rate hikes would be a mistake, others are urging "patience," putting a December rate hike in doubt.

The Labor Department's new unemployment claims report for the week will be issued at 8.30 am ET. The economists are looking for consensus of 252K, compared to 260K last week.

Federal Reserve Governor Lael Brainard will participate in Panel on Monetary Policy at the Conference on Rethinking Macroeconomic Policy in Washington, with audience Q&A at 10.30 am ET.

Federal Reserve Governor Jerome Powell will deliver Keynote address on Emerging Markets at 2017 IIF Annual Membership Meeting, in Washington at 10.30 am ET.

Copyright RTT News/dpa-AFX

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