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Gold prices drop

FOREX_gold-prices-drop-in-wake-of-trump-kim-pack1206_FXPIG

Gold prices slipped Tuesday when little ripple moved through so-called risk markets in the wake of the U.S.-North Korea developments, muting demand for haven metals.

The move came as a report showed U.S. consumer inflation is trending higher, a signal that markets believe will push the Federal Reserve into raising interest rates this week and possibly again later this year.

August gold GCQ8, -0.12%  fell $1.30, or 0.1%, to $1,301.00 an ounce. That recouped some of the loss earlier in the session, when the metal dropped to $1,298.70 an ounce, below the closely watched $1,300 line.

Stocks were sluggish but largely held their ground in the wake of the geopolitical headlines.

U.S. President Donald Trump and North Korean leader Kim Jong Un signed a joint document pledging to work toward the complete denuclearization of the Korean Peninsula, but the statement was criticized as lacking detail on the verification of the process.

Competition for market attention also fixed on interest-rate policy. The Federal Reserve is expected to raise interest rates after its two-day meeting, which begins Tuesday. European Central Bank policy makers are expected to announce the timing of a reduction of its crisis-era asset-purchase initiative when it meets on Thursday.

Ahead of those events, the ICE U.S. Dollar Index DXY, -0.04% a measure of the dollar against a half-dozen major currencies, was little changed. It has climbed by nearly 4% so far this quarter, helping to put pressure on dollar-denominated gold prices, which have lost roughly 2% for the quarter, according to FactSet Data.

As for Tuesday’s economic developments, government data showed that the consumer price index has risen 2.8% in the past 12 months, up from 2.5% in April. That’s the highest level since early 2012. The yearly increase in the core rate edged up to 2.2%. Inflation can be a mixed bag for gold; it can put pressure on central banks to hike rates, hurting nonyielding bullion, but gold has historically maintained a role as an inflation hedge for long-term investors.

Also reported, the index of small-business optimism from the National Federation of Independent Businesses soared to 107.8 in May. The three-point gain took the index to its second-highest level in its 45-year history, the NFIB said.

Meanwhile, July silver SIN8, -0.19%  fell 3 cents, or 0.2%, to $16.92 an ounce. July copper HGN8, -0.31%  changed hands at $3.2465 a pound, down 0.3%.

Source: marketwatch.com

Gold prices slipped Tuesday when little ripple moved through so-called risk markets in the wake of the U.S.-North Korea developments, muting demand for haven metals.

The move came as a report showed U.S. consumer inflation is trending higher, a signal that markets believe will push the Federal Reserve into raising interest rates this week and possibly again later this year.

August gold GCQ8, -0.12%  fell $1.30, or 0.1%, to $1,301.00 an ounce. That recouped some of the loss earlier in the session, when the metal dropped to $1,298.70 an ounce, below the closely watched $1,300 line.

Stocks were sluggish but largely held their ground in the wake of the geopolitical headlines.

U.S. President Donald Trump and North Korean leader Kim Jong Un signed a joint document pledging to work toward the complete denuclearization of the Korean Peninsula, but the statement was criticized as lacking detail on the verification of the process.

Competition for market attention also fixed on interest-rate policy. The Federal Reserve is expected to raise interest rates after its two-day meeting, which begins Tuesday. European Central Bank policy makers are expected to announce the timing of a reduction of its crisis-era asset-purchase initiative when it meets on Thursday.

Ahead of those events, the ICE U.S. Dollar Index DXY, -0.04% a measure of the dollar against a half-dozen major currencies, was little changed. It has climbed by nearly 4% so far this quarter, helping to put pressure on dollar-denominated gold prices, which have lost roughly 2% for the quarter, according to FactSet Data.

As for Tuesday’s economic developments, government data showed that the consumer price index has risen 2.8% in the past 12 months, up from 2.5% in April. That’s the highest level since early 2012. The yearly increase in the core rate edged up to 2.2%. Inflation can be a mixed bag for gold; it can put pressure on central banks to hike rates, hurting nonyielding bullion, but gold has historically maintained a role as an inflation hedge for long-term investors.

Also reported, the index of small-business optimism from the National Federation of Independent Businesses soared to 107.8 in May. The three-point gain took the index to its second-highest level in its 45-year history, the NFIB said.

Meanwhile, July silver SIN8, -0.19%  fell 3 cents, or 0.2%, to $16.92 an ounce. July copper HGN8, -0.31%  changed hands at $3.2465 a pound, down 0.3%.

Source: marketwatch.com

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