Gold rose as a rally in crude oil reinforced inflation concerns, though a steadier U.S. dollar tempered the move ahead of key inflation data. New York futures traded up 0.5% at $4,024.90 a troy ounce, with attention turning to CPI figures and testimony from Federal Chair Kevin Warsh.
Gold rose as the crude rally reinforced inflation concerns, while the U.S. dollar steadied as investors awaited key inflation data. In early trading, New York futures were up 0.5% at $4,024.90 a troy ounce.
ING analysts described gold as vulnerable around the $4,000/oz level, saying the market is closely watching developments around the Strait of Hormuz and their implications for energy prices, inflation and interest rates.
Attention now turns to U.S. CPI data and Federal Chair Kevin Warsh's testimony before Congress.
Source: Barron's (snippet-based)
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