WASHINGTON (dpa-AFX) - After edging lower in the previous two sessions, gold futures ended on a positive note on Wednesday as the dollar retreated against most major currencies and data from the U.S. Labor Department showed inflation remained unchanged in November.
Amid expectations that the Federal Reserve will likely pause interest rate hikes sometime next year, the dollar has been a bit sluggish at times over the past few days. The dollar index declined by about 0.4% today.
Gold futures for February ended up $2.80, or 0.2%, at $1,250.00 an ounce.
On Tuesday, gold futures settled at $1,247.20 an ounce, down $2.20, or 0.2%, for the session.
Silver futures for March settled at $14.851 an ounce, up $0.223 from previous close of $14.628 an ounce.
Copper futures for March ended at $2.770 per pound, up slightly from previous close of $2.767 per pound.
The consumer prices data from the Labor Department indicate the Fed may take a less aggressive path with regard to rate hikes in the coming year. The report showed consumer prices came in flat in the month of November, with a sharp pullback in gasoline prices offsetting increases in other prices.
The Labor Department said its consumer price index was unchanged in November after rising by 0.3% in October. The unchanged reading matched economist estimates.
Excluding food and energy prices, core consumer prices edged up by 0.2% in November, matching the uptick seen in October as well as expectations.
Copyright RTT News/dpa-AFX