Gold Flat Amid Tepid Inflation Data

April Insight- Economic data and market events to watch in the coming month

Gold slipped on Tuesday, pressured by a firmer dollar and concern that United States inflation data later in the day will be robust, strengthening the case for more USA interest rate hikes.

The dollar initially strengthened after the Labor Department reported on Friday that the US economy added 313,000 jobs last month, beating economists' forecasts of 200,000.

Spot gold was down 0.3% at $1,318.35 an ounce by 10.22am GMT, while USA gold futures for April delivery fell 0.2% to $1,318.70 an ounce.

General Electric shares fell 1.9 percent after JPMorgan cut its price target on the stock to $11 from $14.

The dollar also regained some ground after the White House said late last week that key US trading partners Canada and Mexico would be exempt from its highly criticized tariffs on steel and aluminum imports.

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Gold prices crept lower on Tuesday on a firmer dollar as investors waited for United States consumer price data due later in the day to gauge the outlook for inflation and the Federal Reserve's rate hike stance. "That's raising the risk that gold could be a bit more on the defensive".

But Friday's wage growth numbers eased some of those concerns, with traders sticking to their bets of three interest-rate increases in 2018. "We should expect interest rate uncertainty to weigh on prices over the short term".

Comex gold futures were little changed at $1,323.1 a troy ounce by 07:00 GMT.

As for other precious metals, silver for May delivery fell 7.2 cents, or 0.43 percent, to settle at 16.536 dollars per ounce. Net long positions in United States silver futures increased for the first time since January, UBS analyst Joni Teves said in a note.

Speculators raised their net long position in gold by 4,178 contracts to 161,812 contracts in the week to March 6, Commodity Futures Trading Commission (CFTC) data showed. Palladium was 1.3 percent lower at $983 an ounce, while platinum was down 0.6 percent at $958.70 an ounce.


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