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Gold Drifts Lower On Tame PPI

Wed, 13th Sep 2017 19:46


WASHINGTON (Alliance News) - Gold prices dropped for a third session Wednesday, as data showed US inflation remains tame.

Dec. gold fell USD4.70, or 0.4%, to settle at USD1,328/oz.

Producer prices in the US rose by slightly less than expected in the month of August, according to a report released by the Labor Department on Wednesday.

The Labor Department said its producer price index for final demand edged up by 0.2% in August after slipping by 0.1% in July. Economists had expected the index to climb by 0.3%.

The increase in producer prices was partly due to a jump in energy prices, which surged up by 3.3% in August after falling by 0.3% in the previous month. Prices for gasoline spiked by 2.9%.

On Thursday, the Labor Department is scheduled to release a separate report on consumer prices in the month of August. Consumer prices are expected to rise by 0.3%.

The UK jobless rate dropped to its lowest level in 42 years and wage growth remained subdued during the three months ended July, official data showed Wednesday.

The jobless rate fell to 4.3%, the lowest since 1975, the Office for National Statistics said. Economists had forecast the rate to remain unchanged at 4.4%.

Copyright RTT News/dpa-AFX

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