Gold before US inflation data

Gold is holding up as traders and investors expect US inflation data that could affect when the Fed begins to cut incentives.

Consumer price index data, expected later on Tuesday, are expected to show an annual inflation rate of 5% or more for the fourth month. This follows a report from last week, which shows that the producer price index for final demand has risen as persistent disruptions in the supply chain have increased costs.

The valuable target is trading below $1,800 an ounce as traders assess the risks of the Delta variant of the virus and rising inflation. If consumer prices are higher than expected, the outlook for the Fed’s stimulus cuts could shift to November from December, according to analysts.

Gold prices are holding back as investors await the August inflation report, which could give some signs that inflation is transient. The shock with the delta option for supply chains is likely to have some unintended upward impact on CPI data, which could put pressure on the precious metal.

Spot gold fell 0.1% to $1,791.16 an ounce in Singapore after rising 0.4% on Monday. The Bloomberg Dollar Spot Index was flat. Silver and platinum fell in parallel with the rise of palladium.

Chart: With permission of Bloomberg Inc.

 Junior Trader Nikolay Petrov


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