WASHINGTON (dpa-AFX) - Gold prices moved modestly lower on Tuesday as bland US inflation numbers released today kept the expectations for a rate cut by the US Fed in September alive.
Front Month Comex Gold for August delivery edged down by $4.20 (or 0.13%) to $3,348.90 per troy ounce today.
Front Month Comex Silver for August delivery climbed 23.70 cents (or 0.63%) to $37.899 per troy ounce today.
In the US, data released by the Labor Department revealed core consumer prices rose by 0.3% in July, while the annual rate of core consumer price growth accelerated to 3.1%.
The Consumer Price Index (CPI) in the US increased 0.2% month-over-month in July, while the annual rate of growth remained at 2.7%.
Though the numbers are mixed, traders feel that they are supportive of rate cuts and are betting on lowering of lending rates by the US Fed in September as well as in December.
Hours before the previous agreement was about to expire, US President Donald Trump signed an executive order on Monday extending the trade truce between the US and China for another three months - until November 10. Trump also reported that there has been progress in US-China negotiations. Notably, this is the second extension of the tariff truce.
However, Trump did not show any leniency to India where he has hit the country with a penalty tariff of 25% (on top of a previous 25%) as India purchases oil from Russia.
Trump claimed that tariffs have strengthened the US stock market, increased national wealth, and boosted Treasury revenues.
The US President is set to meet Russian President Vladimir Putin in Alaska on August 15 to explore ways to end the Russia-Ukraine war. Of note, the US purchased Alaska from Russia in 1867 which later became an American state in 1959.
Putting to rest severe concerns, yesterday Trump confirmed via through his his social media post that gold imports to the US would not be tariffed.
Commodity traders are now focused on the data on US producer prices, weekly jobless claims, and retail sales due later this week.
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