Gold steady as Dollar firms ahead of US Consumer Data

Gold prices held steady early Wednesday, after hitting a more than one-week low in the previous session, as the dollar firmed and investors waited for cues from U.S. consumer inflation data.

FUNDAMENTALS

Spot gold was nearly unchanged at $1,280.90 per ounce at 0103 GMT. On Tuesday, gold touched a session low of $1,270.56, a bottom since Nov. 6, before recovering to gain about 0.2 percent.

U.S. gold futures for December delivery slipped 0.2 percent to $1,280.90.

The dollar index , which tracks the U.S. currency against a basket of six major rivals, edged up 0.1 percent. The immediate focus for the dollar was data on U.S. consumer prices due later in the day.

Four of the world’s top central bankers promised on Tuesday to keep openly guiding investors about future policy moves as they slowly withdraw the huge monetary stimulus rolled out during the financial crisis.

U.S. Senate Republicans on Tuesday linked repealing a key component of Obamacare to their ambitious tax-cut plan, raising new political risks and uncertainties for the tax measure that financial markets have been monitoring closely for months.

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