Gold ticks up but still stuck in tight range, with all eyes on US consumer inflation data
Bengaluru — Gold prices firmed on Wednesday as investors awaited the October consumer inflation data from the US for potential hints on the Federal Reserve’s monetary tightening policy. Spot gold was up 0.1% at $1,281.73 an ounce at 3.51am GMT. On Tuesday, gold touched $1,270.56, its lowest since November 6, before recovering to close about 0.2% higher. US gold futures for December delivery slipped 0.1% to $1,281.80. "Gold is still stuck in a tight range as traders are waiting for additional signals before taking any view," ANZ analyst Daniel Hynes said. He said the US consumer inflation data was one of the most important factors that could dictate sentiment in the run-up to the next Fed monetary policy meeting. "Obviously, a rise in inflation is what the market is looking for … but for now it is taking a cautious approach," Hynes said. The Federal Reserve should keep its benchmark interest rate at current levels until there is an upswing in inflation, St Louis Fed president James B...
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