MTECHTIPS:-Gold Prices Move Higher with U.S. Inflation Data in Focus

MTECHTIPS:-Gold Prices Move Higher with U.S. Inflation Data in Focus

MTECHTIPS-Gold prices moved higher on Friday, as sentiment on the greenback remained vulnerable ahead of highly-anticipated data on U.S. inflation due later in the day. Comex gold futures were up $2.55 or about 0.20% at $1,299.05 a troy ounce by 03:15 a.m. ET (07:15 GMT), just off a two-and-a-half week high of $1,300.73 hit overnight. The greenback was boosted 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. But the U.S. dollar weakened ahead of the highly-anticipated U.S. consumer price inflation data set to be released later Friday
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