Gold Edges Higher Following Inflation Data Release

Gold Edges Higher Following Inflation Data Release

Gold Edges Higher Following Inflation Data ReleaseLos Angeles CA, September 14 (Tangible Investments) — by James O’Dell — Precious metals prices were mixed on Thursday as Gold edges higher following inflation data release. Gold is up 0.08 percent to $1,323.60 an ounce after easing $8.90 on Wednesday to close at $1,322.50 an ounce.

Silver is down 0.34 percent to $17.68 an ounce after sliding $0.14 on Wednesday to close at $17.74. The Gold/Silver ratio rose to 74.55. Platinum is up 0.10 percent to $980.00 an ounce. Palladium is down 0.65 percent to $924.00 an ounce.

Gold edged higher in early trading Thursday after the Labor Department said the Consumer Price Index rose 0.4-percent in August. While consensus forecasts called for a 0.3-percent increase, annualized inflation still remains below the U.S. Central Bank’s 2-percent target.

“Notions are growing that low inflation in the U.S. and the Euro zone will keep the Federal Reserve and European Central Bank from tightening their monetary policies as soon as they would like,” said Jim Wyckoff, Kitco’s senior analyst.

Royce Mendes, an economist at CIBC Capital Markets, said the core inflation data was positive enough to keep the “December rate hike on the table.” After the release of the August inflation figures Fed rate hike expectations rose to 50.6 for December, according to CME’s Fed Watch Tool.

North Korean Rhetoric Remains A Threat

Meanwhile, North Korea is still very upset about the new sanctions and threatened to use nuclear weapons to “sink” Japan. North Korea also made new threats against the U.S. on Thursday.

“Let’s reduce the U.S. mainland into ashes and darkness. Let’s vent our spite with mobilization of all retaliation means which have been prepared till now,” said the statement.

“This announcement is extremely provocative and egregious. It is something that markedly heightens regional tension and is absolutely unacceptable,” said Japanese Chief Cabinet Secretary Yoshihide Suga.

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