Gold prices moved up sharply on Wednesday and lifted the most active gold futures contracts higher for a second successive day, after data showing a slowdown in U.S. inflation growth suggested the Fed might not tighten policy for now.
A weak dollar and a drop in long-term U.S. Treasury yields supported the bullion.
The yield on 10-year Treasury Note dropped to around 1.32%. The dollar index dropped to 92.80, giving up nearly 0.3% from Tuesday's closing level.
Gold futures for December ended up by $21.60 or about 1.2% at $1,753.30 an ounce.'
Silver futures for September ended higher by $0.096 at $23.488 an ounce, while Copper futures for September settled at $4.3675 per pound, up $0.0135 from the previous close.
The U.S. Labor Department said its consumer price index climbed by 0.5% in July after jumping by 0.9% in June. The increase in consumer prices, which came following the biggest jump in thirteen years in the previous month, matched economist estimates.
Compared to the same month a year ago, consumer prices in July were up by 5.4%, unchanged from the annual rate of growth seen in June. The pace of growth was expected to dip to 5.3%.
The annual rate of growth in core prices slowed to 4.3% in July from 4.5% in June, matching economist estimates.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2181043/
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