Gold Price Stuck Near USD1330 Ahead Of CPI
London (July 15) Gold futures steadied Friday morning after losing ground earlier the week. Optimism about the US economy and the prospect of an interest rate hike later in the year took away some of gold's lustre.
The precious metal soared to 28-month highs during the Brexit crisis, but has since fallen on increased risk appetite.
Gold for August was up USD1.20 at USD1333 an ounce this morning, while silver trimmed significant recent gains to USD20.28.
Traders will be paying close attention to US inflation data within the hour.
The Labor Department is scheduled to release its consumer price index for June at 8:30 am ET. Economists expect the index to rise 0.3% month-over-month, while excluding food and energy, prices may have risen 0.2%.
Also at 8:30 am ET, the Commerce Department is due to release its retail sales report for June.