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Gold holds steady as investors await US inflation data

Gold holds steady as investors await US inflation data

13 Jul 2021

Gold prices steadied on Tuesday after hitting a one-week low in the previous session, as the dollar weakened slightly ahead of U.S. inflation data that could offer clues about the likely timing of policy tightening by the Federal Reserve.

Spot gold rose 0.1% to $1,807.22 per ounce by 0120 GMT. It fell to its lowest level since July 6 of $1,790.49 on Monday.

US gold futures were up 0.1% to $1,808.1.

The dollar index was down about 0.1%. A weaker dollar makes gold less expensive for other currency holders.

US consumers expect the economy to continue its rapid resurgence from the COVID-19 pandemic over the next year, with forecasts for inflation, earnings, income growth and spending all increasing in June, according to a monthly survey released on Monday by the New York Federal Reserve.

The European Central Bank’s meeting next week will see policymakers discuss changing the forward guidance they give on the direction of policy following the ECB’s shift to a more symmetrical 2% inflation target.

British Prime Minister Boris Johnson urged people on Monday to show caution when nearly all remaining COVID-19 restrictions are lifted in England next week, saying an increase in cases underlined that the pandemic was by no means over.

World Health Organization Director-General Tedros Adhanom Ghebreyesus said on Monday the infectious Delta variant was becoming dominant and many countries had yet to receive enough vaccine doses to protect their health workers.

Silver rose 0.3% to $26.24 per ounce, palladium fell 0.4% to $2,846.53 and platinum eased 0.2% to $1,115.68.