(Bloomberg) — Gold slipped as the dollar rebounded, while investors digested an improvement in consumer confidence while awaiting US inflation data that may shed more light on the Federal Reserve’s rate hike trajectory.
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US consumer confidence rose by more than forecast to the highest since April as inflation eased and gasoline prices dropped. The Conference Board’s index increased to 108.3 this month from an upwardly revised 101.4 reading in November, data out Wednesday showed.
Traders will look to a slew of US economic data due Thursday and Friday, including the Fed’s favored gauge of inflation. Central banks’ aggressive monetary tightening this year has lifted Treasury yields and the greenback, which has sent bullion down more than 11% from its March peak.
Spot gold fell 0.2% to $1,814.07 an ounce as of 4:23 p.m. in New York. Bullion for February delivery was little hanged to settle at $1,825.40 on the Comex. The Bloomberg Dollar Spot Index gained 0.1%. Silver, platinum and palladium declined.
–With assistance from Eddie Spence and Jason Scott.
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Source: https://finance.yahoo.com/news/gold-holds-gain-driven-fallout-091641347.html