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Gold Rises On Trump Changes, Tame Inflation Data

Tue, 13th Mar 2018 17:46

WASHINGTON (Alliance News) - Gold futures nudged higher Tuesday as tame inflation data cemented expectations for only three interest rate hikes this year.

The annualized rate of core inflation was up only 1.8%, once again short of the Federal Reserve's 2% target.

On Wednesday, the Labor Department is scheduled to release a separate report on producer prices in the month of February.

Producer prices are expected to inch up by 0.1%, while core producer prices are expected to rise by 0.2%.

Gold was also boosted by another departure from the Trump Administration.

Shortly after agreeing to an unprecedented meeting with the leader of North Korea, President Donald Trump revealed Tuesday that he has fired the nation's top diplomat.

Trump announced in a post on Twitter that he intends to replace Secretary of State Rex Tillerson with current CIA Director Mike Pompeo.

"Mike Pompeo, Director of the CIA, will become our new Secretary of State. He will do a fantastic job! Thank you to Rex Tillerson for his service!" Trump tweeted.

April gold climbed USD6.30, or 0.5%, to settle at USD1,327.10 an ounce.

Copyright RTT News/dpa-AFX

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