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FX.co ★ Gold Rises Ahead Of US Inflation Data

Gold Rises Ahead Of US Inflation Data

Gold prices inched higher on Wednesday as bond yields receded and the dollar eased off more than one-year high ahead of U.S. consumer price data due later in the day.

Spot gold rose 0.6 percent to $1,769.97 per ounce, while U.S. gold futures were up 0.7 percent at $1,770.65.

The benchmark U.S. 10-year Treasury yields eased from their June highs, while the dollar edged down slightly, making bullion cheaper for overseas buyers.

Traders await a report on consumer price inflation due at 1230 GMT as well as the release of minutes of the latest Federal Reserve meeting at 1800 GMT for clues on when the Federal Reserve will taper stimulus and raise interest rates.

A strong reading could raise bets of earlier-than-expected rate hikes by the U.S. central bank.

Three Fed officials including Vice Chair Richard Clarida said overnight that the U.S. economy has healed enough to begin to scale back the central bank's asset-purchase program.

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