Gold futures rose Friday moring, after relatively tame U.S. inflation data fueled speculation the Federal Reserve will delay raising interest rates.
Gold nudged up near $1300 an ounce, adding to weekly gains.
The U.S. consumer price index rose only 0.5% last month, due mostly to a temporary spike in gas prices after Hurricane Harvey. The closely watched core CPI was up only 0.1%, leaving the annnual rate of inflation at only 1.7%.
That’s below the Fed’s 2% target.
Economists expected consumer prices to have risen 0.6% in September, compared with 0.4% in August, and core CPI at 0.2%.
Yesterday, it was reported that prices at the wholesale level (PPI) climbed 0.4 percent in September, as expected.
U.S. retail sales jump 1.6% in September, it was also revealed this morning.
Chicago Fed President Charles Evans is due to give a speech on the economy at 10:25 a.m. Eastern.
The material has been provided by InstaForex Company – www.instaforex.com