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Gold Nudges Higher After Tame Inflation Data

Thu, 12th Jul 2018 19:57

WASHINGTON (Alliance News) - Gold futures inched higher Thursday as traders weighed another round of US inflation data.

Consumer prices in the US edged slightly higher in the month of June, the Labor Department revealed a closely watched report released on Thursday.

The Labor Department said its consumer price index inched up by 0.1% in June after rising by 0.2% in May. Economists had expected consumer prices to increase by 0.2%.

Analysts say the Federal Reserve is all but certain to raise interest rates twice more in 2018 despite risks associated with President Trump's tariff squabbles.

Yesterday, the Labor Department said its producer price index for final demand rose by 0.3% in June after climbing by 0.5% in May. Economists had expected prices to edge up by 0.2%.

August gold added USD2.20, or 0.2%, to settle at USD1,246.60/oz.

Copyright RTT News/dpa-AFX

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