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Gold Rises On Weak US Inflation Data

Fri, 14th Sep 2018 12:36


WASHINGTON (Alliance News) - Gold prices inched higher on Friday as weaker-than-expected US consumer inflation data raised expectations the Federal Reserve might not hike rates in December.

Spot gold was up 0.31% at USD1,205.76 an ounce while US old futures were up 0.22% at USD1,210.80 an ounce.

The US dollar sagged after data showed the US consumer price index rose an annual 2.7% in August, below the 2.8% predicted, and off the 2.8% reported in the previous period. Core Inflation also missed the mark.

The retreat in the dollar also coincided with a decision on Thursday by the Turkish central bank to aggressively raise interest rates in a bid to control rocketing inflation and prevent a currency crisis.

Elsewhere, Asian and European stock markets rose today buoyed by easing trade worries after news of a new round of talks between the US and China in coming days.

Chinese officials have welcomed an invitation from U.S Treasury Secretary Steven Mnuchin for new talks. However, US President Donald Trump tempered market expectations, tweeting the US is "under no pressure to make a deal with China."

Copyright RTT News/dpa-AFX

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