Gold prices rose, as investors are waiting for data on inflation in the US, which may show a further slowdown in price growth, Report informs referring to the auction data.
The price of February futures for gold on the New York Comex exchange rose by $7.85, or 0.42%, to $1,886.75 per troy ounce. March silver futures rose 0.96% to $23.707 an ounce.
The dollar at the same time decreased against the yen by 0.6%. The depreciation of the dollar supports the demand for gold, making it more affordable to buy in another currency.
Later on January 12, data on annual inflation in the US for December will be published. Experts expect inflation to slow down to 6.5% from 7.1% in November. This could be the sixth straight decline since last June’s peak of nearly 9%. At the same time, inflation is still well above the target level of 2%.
Inflation data may give markets a hint on the next steps of the US Federal Reserve System (FRS). The regulator last year raised the rate seven times amid high inflation to 4.25-4.5% per annum. According to CME Group, more than 77% of analysts expect a slowdown in the rate of increase to 25 basis points from 50 basis points at the end of the December meeting in February.