RTTN:Gold Slips Near $1,800 Ahead Of US Inflation Data
(RTTNews) - The price of gold moved back near $1,800 Thursday morning as traders await cues from the inflation data from the U.S.
Gold for December delivery, the most actively traded contract, lost $20.90 to $1,805.60 an ounce.
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, were unchanged at 1,241.31 tons.
Meanwhile, the U.S. dollar continued to level off from its 7-month high versus the euro and hovers around its 8-month high against sterling. The greenback was ticking lower against the Swiss franc and the yen.
In economic news from the euro zone, inflation held steady at 2.5 percent in August, in line with flash estimate, according to data by the Eurostat. Monthly inflation came in at 0.2 percent in August. Meanwhile, employment in the region increased a seasonally adjusted 0.3 percent sequentially in the second quarter, faster than the 0.1 percent growth seen in the first quarter.
Meanwhile, the Swiss National Bank today decided to maintain its interest rate and to enforce the minimum exchange rate of Swiss franc at 1.20 per euro with the 'utmost determination'.
Earlier today, data from the Office for National Statistics revealed that retail sales in the U.K. declined in August, but less than expected by economists. Sales, including automotive fuel fell 0.2 percent month-on-month in August, better than forecasts for a 0.3 percent decline.
Elsewhere, the price of silver was ticking lower, while platinum edged up in morning deals.
In economic news, the Labor Department will release its inflation data for August at 8:30 a.m. ET. The consensus estimates call for the index and the core consumer price index that excludes food and energy to have risen 0.2 percent each.
Simultaneously, the Department will release its jobless claims report for the week ended September 10. Economists expect claims to edge down to 412,000 after they rose 2,000 to 414,000 in the previous week.
