MTECHTIPS:-Gold Prices Trim Gains But Remain Near 2-Week Peak

MTECHTIPS:-Gold Prices Trim Gains But Remain Near 2-Week Peak

MTECHTIPS-Gold prices trimmed gains on Thursday, as a string of upbeat U.S. economic reports lent some support to a weakened dollar, although caution ahead of Friday’s U.S. inflation data was expected to limit the greenback’s gains. Comex gold futures were up $5.71 or about 0.44% at $1,294.71 a troy ounce by 09:00 a.m. ET (13:00 GMT), after rising to a two-week peak of $1,299.85 earlier in the day. The greenback strengthened after the U.S. Department of Labor reported on Thursday that initial jobless claims fell more than expected to 243,000 last week. A separate report showed that producer prices increased 0.4% in September, in line with expectations. Core producer prices, which exclude food and energy also rose 0.4%, beating expectations for a 0.2% uptick. The data came a day after the minutes of the Federal Reserve’s September policy meeting showed that policymakers remain divided on inflation. Several policymakers believe additional tightening will depend on upcoming inflation data. However, most Fed members said they feel another rate increase this year “was likely to be warranted,” the report showed.
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