Commodities – Gold Prices Hold Steady Ahead of U.S. Inflation Data

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Gold prices little changed with U.S. data in focus

Investing.com – Gold prices held steady near two-week lows on Thursday, as markets were jittery ahead of the release of a highly-anticipated report on U.S. inflation later in the day.

Comex were little changed at $1,328.65 a troy ounce by 03:50 a.m. ET (07:50 GMT).

Gold prices remained under mild pressure as risk appetite remained healthy this week after Hurricane Irma appeared to have caused less damage than feared and in the absence of any new provocations from North Korea.

Investors were also awaiting U.S. inflation data due later Thursday, which could be a determining factor in the Federal Reserve’s future interest rates decisions.

Demand for the U.S. dollar was boosted on Wednesday by hopes a tax reform would soon be implemented by the administration, after U.S. President Donald Trump reached out to both Democrats and Republicans this week.

The , which measures the greenback’s strength against a trade-weighted basket of six major currencies, wassteady at 92.34, just off a one-week high of 92.51 hit overnight.

Gold is sensitive to moves in the dollar. A stronger dollar makes gold more expensive for holders of foreign currency.

Elsewhere on the Comex, dropped 0.40% to $17.83 a troy ounce.

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