Gold prices rise ahead of US inflation data publication, Fed meeting

Gold prices rose on April 12 morning, as investors are expecting the publication of data on inflation in the US and the minutes of the last meeting of the Federal Reserve System (Fed), Report informs referring to the auction data.

The price of June gold futures on the New York Comex exchange rose by $16.55 (0.82%) to $2,035.45 per troy ounce. May futures for silver rose 1.48% to $25.558 an ounce.

Markets are waiting for the publication of statistical data from the US. Data on consumer prices in the country will be revealed on April 12 at noon. It is predicted that annual inflation in March slowed down to 5.2% from 6% a month earlier. Statistics may give a hint about the Fed’s further actions that affect the value of the dollar. Thus, a strengthening dollar makes gold less available to buy in another currency, and vice versa.

Later April 12 evening, the minutes of the last Fed meeting will be released, in which investors can also find clues about the regulator’s course at the upcoming May 3 meeting. According to CME Group, 71.8% of analysts expect the regulator’s discount rate to be increased by 25 basis points to 5-5.25%.