Gold Slightly Higher After Inflation Data
January 11 2019 - 3:41PM
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.
Front-month gold for January delivery inched up 0.2% to
$1,287.10 a troy ounce on the Comex division of the New York
Mercantile Exchange. Prices are near their highest level since
June, lifted 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 added
0.1% to $15.640 a troy ounce. Platinum was down 1% at $818, while
palladium rose 0.4% to $1,278.70.
Among base metals, most-active Comex copper futures for March
delivery added 0.9% to $2.64620 a pound, staying almost 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 1.3% to $1,836 a metric ton. Zinc rose 1.3% to $2,492,
tin added 0.8% to $20,300, nickel added 1.9% to $11,460 and lead
climbed 1.3% to $2,002.
Write to Amrith Ramkumar at amrith.ramkumar@wsj.com and
Christopher Alessi at christopher.alessi@wsj.com
(END) Dow Jones Newswires
January 11, 2019 15:26 ET (20:26 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.