Gold prices remained stable on February 9 morning before the publication of statistics on inflation in the US, Report informs.
The price of April gold futures on the Comex New York stock exchange rose by $0.55, or 0.03%, to $1,828.45 per troy ounce. March silver futures rose 0.5% to $23.317 an ounce.
On February 10, US inflation data for January will be published. Analysts believe that annual inflation in the country accelerated to 7.3% from 7% in December. This could be the record since February 1982. Gold has traditionally been an inflationary hedge for investors.
High inflation could prompt the US Federal Reserve to tighten monetary policy more aggressively, which would be positive for the dollar and negative for gold.
Analysts say inflationary fears are likely to remain a major factor for investors, despite that they have already priced in several Fed rate hikes.