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Commodities - Gold Prices Edge Higher After Sharp Falls

CommoditiesSep 13, 2017 03:03AM ET
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© Reuters. Gold futures edge higher

Investing.com - Gold prices edged higher for the first time in three sessions on Wednesday, but gains were limited as investors continued to buy risk assets and sell havens.

Comex gold futures were at $1,334.98 a troy ounce by 3:00AM ET (0700GMT), up $2.30, or around 0.2%. It fell to its lowest since Sept. 1 at $1,326.70 in the prior session.

Gold prices fell for a second-straight session on Tuesday, as investor interest in assets, such as stocks, that are perceived as riskier, found buying interest on fading worries surrounding North Korea and Hurricane Irma.

Prices of the yellow metal rallied to a more than one-year high of $1,362.40 last Friday, when Hurricane Irma threatened Florida and as financial markets braced for the possibility of another missile or nuclear test by North Korea for the Sept. 9 anniversary of its founding.

Investors were now turning their attention to upcoming U.S. economic data for fresh clues on the timing of the Federal Reserve's balance sheet reduction and its ability to raise interest rates again this year.

A report on producer prices is due at 8:30AM ET (1230GMT), followed by closely-watched consumer price inflation data on Thursday.

Markets remain skeptical the Fed will raise rates again before the end of this year due to worries over the subdued inflation outlook, but it is widely expected to start the process of reducing its balance sheet sometime this fall.

Elsewhere on the Comex, silver futures inched up 4.1 cents, or about 0.2%, to $17.93 a troy ounce. It rose to a more than four-month peak of $18.29 late last week.

Among other precious metals, platinum was little changed at $986.45, while palladium tacked on 0.3% to $946.25 an ounce.

Commodities - Gold Prices Edge Higher After Sharp Falls
 

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