Gold prices were slightly firmer on Wednesday, reaching their highest levels since June. The market is eagerly awaiting the release of the US consumer-price index (CPI) data, which may provide investors with valuable insight into future Federal Reserve interest rate hikes.
Price Action
- Gold futures for August delivery (GC00, +0.14% GCQ23, +0.14%) gained $4, or 0.2%, reaching $1,941 per ounce on Comex.
- Silver futures for September delivery (SI00, +0.43% SIU23, +0.43%) rose by 11 cents, or 0.5%, to $23.39 per ounce.
- Palladium futures for September (PAU23, +0.65%) climbed by $11.60, or 0.9%, to $1,259 per ounce.
- Platinum futures for October (PLV23, +1.69%) gained $14.40, or 1.5%, reaching $946 per ounce.
- Copper futures for September (HGU23, +1.08%) saw an increase of 3 cents, or 0.9%, reaching $3.80 per pound.
Market Drivers
Gold is currently trading at its highest level since late June, as investors eagerly await the release of the US June consumer price index report.
Economists predict that the annual headline CPI inflation rate will fall to 3.1% from 4% in May, marking the slowest pace in over two years.
The annual core CPI, which excludes volatile prices such as food and energy, is anticipated to decrease to 5% from 5.3%, while the month-on-month reading is expected to ease from 0.4% to 0.3%.