Gold sees price gains following as-expected U.S. inflation report gold silver inflation
- Gold prices are higher and extended early gains in early U.S. trading Tuesday, following a U.S. inflation report that came in very close to market expectations. A lower U.S. dollar index and higher crude oil prices are bullish daily outside market elements for the precious metals markets. August gold was last up $11.70 at $1,980.70 and July silver was up $0.326 at $24.385.
Global stock markets were mostly higher overnight. U.S. stock indexes are pointed toward slightly higher openings when the New York day session begins. The U.S. data point of the week is the FOMC meeting of the Federal Reserve, which begins Tuesday morning and ends Wednesday afternoon with a statement and press conference from Fed Chairman Powell. A majority of the marketplace still thinks the Fed will pause in its interest-rate-tightening cycle. Today’s as-expected CPI report falls into the camp of those expecting the Fed to pause at this week’s FOMC meeting.
Other U.S. economic data due for release Tuesday includes the weekly Johnson Redbook retail sale report, the NFIB small business index and real earnings. U.S. Treasury Secretary Janet Yellen speaks to a House of Representatives committee today on the health of the international financial system.
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