WASHINGTON (dpa-AFX) - Gold held steady on Wednesday and the euro hovered around a parity on the dollar amid concerns around inflation and aggressive policy tightening by major central banks.
Spot gold edged up 0.1 percent to $1,728.64 per ounce, while U.S. gold futures were up 0.1 percent at $1,726.65.
Investors awaited the release of a highly anticipated U.S. inflation report later in the day for clues as to whether inflation has peaked.
Economists forecast headline inflation accelerated to 8.8 percent year-on-year in June, marking a 40-year high.
A high reading would add more pressure on the Fed to hike rates by another 75 basis points later this month on top of June's three-quarter point hike.
China's exports grew at their fastest pace in five months in June, while imports rose at a slower pace, customs data showed earlier today.
Elsewhere, Eurozone industrial production rose 0.8 percent sequentially in May, well above expectation for a 0.2 percent increase.
The British pound appreciated against its major rivals after data showed that the U.K. economy expanded faster than expected in May.
The Bank of Canada will announce its interest rate decision later in the day, with economists expecting the central bank to raise interest rate to 2.25 percent from 1.5 percent. The quarterly monetary policy report will contain updated economic forecasts.
Copyright(c) 2022 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2022 AFX News
