MTECHTIPS;-Gold jumps after dismal U.S. inflation, retail sales data;

MTECHTIPS;-Gold jumps after dismal U.S. inflation, retail sales data; Fed ahead

MTECHTIPS-Gold prices rose to the highest levels of the session in North American morning trade on Wednesday, as lackluster U.S. data on inflation and retail sales saw investors temper expectations for more rate hikes by the Federal Reserve. Comex gold futures were at $1,275.21 a troy ounce by 8:45 AM ET (1245 GMT), up $7.20, or around 0.6%. Meanwhile, spot gold was at $1,273.49. Gold prices notched a fifth-straight decline on Tuesday after falling to its lowest since May 26 at $1,260.50. Also on the Comex, silver futures tacked on 26.1 cents, or about 1.6%, to $17.02 a troy ounce. U.S. consumer prices fell by 0.1% last month, disappointing forecasts for an increase of 0.1%, the Commerce Department said Wednesday. Year-over-year, consumer prices were 1.9% higher from the same month a year earlier, missing expectations for a gain of 2.0%. Consumer prices, excluding food and energy costs, inched up 0.1%, below forecasts for 0.2%. On an annualized rate, core CPI increased 1.7% last month, slowing from 1.9% in April. A separate report showed that retail sales fell 0.3% in May from the prior month, below forecasts for a gain of 0.1%. Core retail sales, which exclude automobile sales, decreased 0.3% in May. Investors now prepared for a rate hike by the Federal Reserve while awaiting what Chair Janet Yellen says about the future path of interest rates
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