Gold Prices Firm at 1-Month Highs on Weaker Dollar; US Consumer Data

Gold Prices Firm at 1-Month Highs on Weaker Dollar

Gold futures prices rose in early trading on Wednesday as investors awaited consumer inflation data in October from the United States to get hints about possible tightening of the Federal monetary policy.

Comex gold futures were up $5.47 or about 0.42% at $1,288.08 a troy ounce.

Spot gold was up 0.1 per cent at $1,281.73 per ounce. On Tuesday, gold touched $1,270.56, its lowest since Nov. 6, before recovering to close about 0.2 per cent higher.

MCX Gold futures were down 0.05 per cent, or Rs 15, at Rs 29,607.

The US Commerce Department said that consumer prices rose by 0.1% in October, in line with expectations.

A separate report showed that retail sales in the US rose 0.2% last month, just above expectations for a more modest gain of 0.1%.

However, the Federal Reserve in New York noted that the Empire State manufacturing index fell 11 points to 91.4 in November, compared with analysts’ expectations of 26.00.

Chairman of the Federal Reserve Bank said in St. Louis James Bullard on Tuesday that should the Federal Reserve to maintain the benchmark interest rate at current levels until there is a rise in inflation.

Rafael Bostick, one of the latest policy makers at the Federal Reserve, said he still supported the December interest rate hike and that he would need to see more weakness in US inflation and signs of domestic economic weakness that would make him expect a gradual decline in policy.

It stabilized the dollar index, which tracks the US currency against a basket of six major rivals at 93.802.

In other precious metals, silver rose 0.2 per cent to $ 17.045 an ounce, while platinum rose 0.3 per cent to $ 928.

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