Gold futures on Thursday were trading slightly lower, a day after the commodity marked the first back-to-back advance in about a month and the sharpest daily rise in two weeks.
December gold
GCZ21,
Analysts have pointed to a rising U.S. dollar and climbing Treasury yields as the most significant determinant in gold’s prices in recent trade, with bullion scoring a lift on Wednesday afterdata showed U.S. consumer price inflation moderating slightly. Economists believe the reading might make the Federal Reserve less inclined to end its accommodations soon.
“The data would force the central bank to wait and watch upcoming reports more closely before making a firm decision relating to its monetary policy,” wrote Naeem Aslam, chief market analyst at AvaTrade, in a daily note.
The consumer-price index report on Wednesday will be followed later today by a reading on producer prices, which will also be closely scrutinized by commodity traders.
Meanwhile, silver for September delivery
SIU21,