WASHINGTON (dpa-AFX) - Gold prices leveled off Friday morning after surging to their highest in four months on increased safe haven demand.
Markets were shocked yesterday when the Swiss National Bank announced it would let its currency float against the euro, sending gold to its best finish since September.
With a semblance of normalcy returning to markets this morning, gold was down $3 at $1,261 an ounce. Silver was also lower at $17.04 an ounce.
Copper was steady after rebounding from 5-year lows in the previous session. Copper, which has suffered from demand concerns amid a slowdown in China, was down slightly at $2.55 a pound this morning.
Metal traders will be watching U.S. inflation data for hints about a potential rate hike by the Federal Reserve.
The Labor Department is scheduled to release its report on consumer prices at 8:30 am ET. The consensus estimate calls for a 0.4 percent month-over-month drop in consumer prices in December, while core consumer prices may have risen 0.1 percent.
Minneapolis Federal Reserve Bank President Narayana Kocherlakota is due to speak on goal-based monetary policy in Golden Valley, Minnesota at 8:50 am ET.
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