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Gold prices traded slightly higher on Tuesday as investors awaited the release of the U.S. May consumer-price index, an closely watched gauge of inflation, ahead of a Federal Reserve interest rate decision on Wednesday.
Price action
-
Gold prices for August delivery
GC00,
+0.32% GCQ23,
+0.32%
gained $9.60, or 0.5%, to $1,979.40 per ounce on Comex. -
Silver for July delivery
SI00,
+0.59% SIN23,
+0.59%
rose by 23 cents, or 1%, to $24.29 per ounce. -
Palladium for September delivery
PAU23,
+1.97%
gained $26, or 2%, to $1,368 per ounce, while July platinum
PLN23,
-0.16%
fell by $1.30, or 0.1%, to $994 per ounce. -
Copper for July delivery
HGN23,
+2.37%
gained 8 cents, or 2%, to $3.83 per pound.
What’s happening
Softer-than-expected May U.S. inflation data could help push gold prices back above the $2,000 per ounce level, market analysts said.
“…A colder-than-expected inflation report might be a nightmare for the U.S. dollar but a blessing for assets such as stocks and gold, which usually benefit from expectations of lower interest rates,” said Marios Hadjikyriacos, senior investment analyst at XM, in emailed commentary.
“A hotter-than-expected CPI could have the opposite effects, helping to boost the greenback while punishing equities and gold prices.”
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