Gold strengthened slightly on Wednesday (July 16th) as the dollar weakened after a report showed US wholesale prices remained stable last month.
Gold for August delivery last traded up US$5.00 to US$3,341.70 per ounce.
The US Bureau of Labor Statistics reported the Producer Price Index (PPI) was unchanged in June compared to the previous month, while the consensus estimate was for a monthly increase of 0.2%, according to Marketwatch. The Core PPI, which excludes volatile items, was also unchanged, again lower than the consensus for a monthly increase of 0.2%.
This data follows the release of the US Consumer Price Index on Tuesday, which showed retail prices rose at an annual rate of 2.7% in June, up from 2.4% in May.
The dollar weakened following the report. The ICE dollar index was last recorded down 0.05 points at 98.56. US Treasury yields also fell, with the two-year US Treasury last seen paying 3.948%, down 1.1 basis points, while the 10-year Treasury yield fell 1.3 basis points to 4.475%. (alg)
Source: MT Newswires
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