Gold stands still ahead of American inflation data

Gold stands still ahead of American inflation data

On Wednesday, gold was nearly intact because market participants closely watch American inflation data for the purpose of gauging how it will affect the Fed’s view on monetary policy in the months ahead.

In New York, gold futures didn’t change, sticking to $1,282.75 a troy ounce.

On Tuesday, the number one precious metal hit a session minimum of $1,270.59, which is its lowest value since November 6, before gaining 0.3% because a major US dollar benchmark index sank to its lowest value in nearly three weeks.

The Commerce Department is expected to unveil October inflation a bit later this day. Market experts actually expect consumer prices to tack on 0.1%, while core inflation is believed to ascend 0.2%.

Besides this, the Commerce Department will also issue reports on retail sales for October. As the consensus forecast states, the upcoming report will demonstrate that retail sales soared 0.1% the previous month. As for core sales, they are supposed to edge up 0.2%.

The Fed is expected to hold its final policy gathering of 2017 on December 12-13. Experts are assured that another rate lift will take place at this meeting.

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