Gold fell below $1,700
Gold (XAU/USD) is declining for the second day in a row. The reason of such a dynamic is that investors have turned to stocks.
Gold inches up with American inflation data in focus
On Friday, gold surged because market sentiment on the US currency turned to be vulnerable ahead of highly-anticipated data on American inflation due later in the day.
Gold futures jumped 0.20% in New York being worth $1,299.05 a troy ounce, which is off a two-and-a-half week maximum of $1,300.73 reached overnight.
The US currency was boosted after on Thursday the US Department of Labor informed that the previous week initial jobless claims sank more than anticipated to 243,000.
A separate report disclosed that in September producer prices soared 0.4%, which is in line with hopes.
Core producer, excluding food and energy also grew 0.4%, confounding hopes for a 0.2% jump.
The data emerged just a day after the minutes of the Fed’s September policy gathering unveiled that policymakers were still split on inflation.
The greenback weakened ahead of the long-awaited American consumer price inflation data expected to be published later Friday.
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