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Gold Stuck At USD1250 Ahead Of Inflation Report

Wed, 11th Jul 2018 14:00

OTTAWA (Alliance News) - Gold futures were lower Wednesday morning amid an escalating trade war between the world's two largest economies.

China's Ministry of Commerce said in a statement that the new US tariffs are "totally unacceptable."

Beijing vowed to take countermeasures after the US proposed tariffs on an extra USD200 billion of Chinese goods.

Meanhile, the Bank of Canada is set to announce its latest interest rate decision. Analysts view it as coin toss between raising rates and keeping the current rate in place.

Gold was down USD5.90 at USD1249.50 an ounce, trimming this week's modest gains.

The US producer-price index for June is due at 8:30 a.m. ET, followed by data on wholesale inventories from May at 10 a.m.

Copyright RTT News/dpa-AFX

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