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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.
China’s Manufacturing PMI will be out on Wednesday at 04:00 MT time!
China's industrial rebound, progress in US fiscal stimulus and other important news in this article.
The market sentiment is mixed as investors weigh US stimulus package against the rising infections and worse-than-expected US unemployment claims. Jump in for fresh analysis of EUR/USD, USD/JPY, S&P 500 and gold!