Gold prices hold steady ahead of U.S. Inflation data
Gold prices were little changed in early deals, as investors looked ahead to U.S. inflation data to gauge how it will impact the Federal Reserve's view on monetary policy in the months ahead. Market analysts expect consumer prices to inch up 0.1%, while core inflation is forecast to rise 0.2%.At the same time, the Commerce Department will also publish data on retail sales for October. The consensus forecast is that the report will show retail sales increased 0.1% last month. Core sales are forecast to gain 0.2%.The Fed is scheduled to hold its final policy meeting of the year on Dec. 12-13, with interest rate futures pricing in a 100% chance of a rate hike at that meeting. Uncertainty over the outlook for U.S. tax reform also supported the precious metal’s move higher. U.S. Senate Republicans on Tuesday said their tax plan will involve the repeal of the Obamacare individual mandate that requires most Americans to have some form of health coverage.
Source: Investing
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