Gold Set To End Week At 2018 Low
Gold prices were lower Friday morning, extending yearly lows as traders weigh U.S. import prices data.
??U.S. import prices minus fuel dropped 0.3% in June, the government reported this morning.
The dollar is holding modest gains against most rivals.
Gold prices have slumped this week due to a strong dollar and expectations the Federal Reserve will raise interest rates twice more in 2018.
That’s despite yesterday’s relatively tame consumer price inflation report.
The Labor Department said its consumer price index inched up by 0.1 percent in June after rising by 0.2 percent in May. Economists had expected consumer prices to increase by 0.2 percent.
Yesterday, the Labor Department said its producer price index for final demand rose by 0.3 percent in June after climbing by 0.5 percent in May. Economists had expected prices to edge up by 0.2 percent.
by RTTNews Staff Writer
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