RTN:Gold Eases Near $1,520 Ahead Of Inflation Data
(RTTNews) - The price of gold edged down Wednesday morning as the U.S. dollar was steady ahead of inflation data.
Gold for August delivery, the most actively traded contract, eased $4.10 to $1,520.20 an ounce. Yesterday, gold edged up after China reported that consumer price inflation rose at an annualized rate of 5.5 percent in May, the highest since July 2008.
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, were unchanged at 1,200.05 tons.
Meanwhile, the U.S. dollar was paring recent losses versus the euro and sterling, while extending gains against the Swiss franc and the yen.
In economic news from the euro zone, industrial production grew by seasonally adjusted 0.2 percent in April from March, Eurostat said. Economists were expecting a monthly fall of 0.2 percent after staying flat in March.
Elsewhere, U.K. jobless claims increased more than expected in May, Office for National Statistics revealed Wednesday. The number of people claiming Jobseeker's Allowance rose by 19,600 to 1.49 million in May. Economists had expected only an increase of 6,500.
The prices of silver and platinum were ticking lower in morning deals.
In economic news, the U.S. Labor Department will release its inflation report for May at 8:30 a.m. ET. The index is expected to remain unchanged from the previous month, while the core consumer price index is expected to show a 0.2 percent increase.
The New York Federal Reserve will release the results of its manufacturing survey for June. The general business conditions index is expected to increase to 13 after it suffered a 10-point drop to 11.9 in May.
Later during the session, the National Association of Homebuilders will release the results of its June survey on homebuilders' confidence. The housing market index is expected to remain unchanged at 16.
