WASHINGTON (dpa-AFX) - Gold futures failed to hold early gains and settled just marginally up on Wednesday, with traders looking ahead to the crucial U.S. inflation data, due on Thursday, for clues about the Federal Reserve's likely take on interest rates.
After Fed Chair Jerome Powell refrained from commenting on rate policy at a symposium, investors now await the release of U.S. inflation data on Thursday for additional clues on the rate outlook.
Fed Governor Michelle Bowman said on Tuesday that she expects more interest rate increases ahead to achieve a sufficiently restrictive federal funds rate and keep it at that level for some time.
The dollar index, which climbed to 103.48 in the European session, dropped to 103.17 around mid morning, before edging up to 103.30, up marginally from the previous close.
Gold futures for February ended higher by $2.40 at $1,878.90 an ounce, off the day's high of $1,890.90 an ounce, the highest level in eight months.
Silver futures for March ended down $0.184 at $23.481 an ounce, while Copper futures for March settled at $4.1660 per pound, gaining $0.0885.
The inflation data, due on Thursday, is expected to show a slowdown in the annual rate of consumer price growth and could have a significant impact on the outlook for interest rates.
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