Gold Slightly Higher After Inflation Data
January 11 2019 - 10:35AM
Dow Jones News
By Amrith Ramkumar and Christopher Alessi
Gold prices inched higher Friday, lifted by declines in stocks
and U.S. Treasury yields after data showed U.S. consumer prices
fell in December and wages rose.
Gold for February delivery ticked up 0.1% to $1,288.70 a troy
ounce on the Comex division of the New York Mercantile Exchange.
Prices are near their highest level since June, boosted by a weaker
dollar that has made gold cheaper for overseas buyers and market
turbulence that has pushed some investors toward the haven
asset.
However, the gold rally has paused in recent sessions with
stocks and Treasury yields rebounding from last week's lows and
some analysts more confident in the U.S. economy.
Analysts said Friday's muted inflation reading could reinforce
that faith by fueling more bets that the Federal Reserve will be
able to stay patient with interest rates.
Still, stocks and Treasury yields edged lower, paring some of
this week's advance, while the WSJ Dollar Index, which tracks the
dollar against a basket of 16 other currencies, was little
changed.
Elsewhere in precious metals, most-active silver futures fell
0.2% to $15.610 a troy ounce. Platinum was down 0.5% at $821.90,
while palladium rose 1% to $1,285.70.
Among base metals, most-active copper futures inched up 0.2% to
$2.6420 a pound, staying about 20% below its June four-year peaks
on fears that slowing global growth will lower demand for
industrial materials used in manufacturing and construction.
On the London Metal Exchange, aluminum for delivery in three
months fell 0.9% to $1,844 a metric ton. Zinc rose 0.5% to
$2,473.50, tin climbed 1% to $20,345, nickel added 1.1% to $11,370
and lead fell 0.4% to $1,968.
Write to Amrith Ramkumar at amrith.ramkumar@wsj.com and
Christopher Alessi at christopher.alessi@wsj.com
(END) Dow Jones Newswires
January 11, 2019 10:20 ET (15:20 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.