Gold prices rise slightly ahead of release of US inflation data

Gold prices rose slightly on January 11 morning, as investors are waiting for the publication of statistics on inflation in the United States, which may affect the dollar and quotes of the precious metal, reported from the auction data.

The price of February futures for gold on the New York Comex exchange rose by $4.75, or 0.25%, to $1,881.25 per troy ounce. March silver futures rose 0.49% to $23.782 an ounce.

Data on the dynamics of consumer prices in the US in December will be published on January 12. Analysts predict a slowdown in annual inflation to 6.5% from 7.1% a month earlier.

US Fed's policy is influenced by consumer price statistics. Over the past year, the regulator raised the rate seven times amid high inflation, including by 50 basis points in December. According to CME Group, 79.7% of experts expect a new increase in the discount rate in February, already by 25 basis points to 4.5-4.75% per annum.

Gold is sensitive to Fed’s signals and macro statistics from the United States, as this affects the dollar exchange rate, on which the price of the precious metal depends. Hawkish signals traditionally push the dollar up, making gold less affordable in another currency and curbing demand.





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