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Gold is near its lowest levels in two months

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Gold is near its lowest levels in two months

Gold prices stabilized near the lowest level in two months on Thursday, as traders evaluated the mixed statements of Federal Reserve officials regarding January inflation data, which frustrated some hopes for an imminent and significant cut in interest rates.

By 0157 GMT, gold in spot transactions reached $1,992.77 per ounce, after recording its lowest levels since December 13, yesterday, Wednesday.

US gold futures recorded $2,004.60 per ounce.

Chicago Federal Reserve Bank President Austin Goolsbee said on Wednesday that the central bank will remain on track to reach the inflation target of 2 percent, even if inflation is slightly higher than expected over the next few months.

He added that the central bank should be cautious about waiting for a long period before lowering interest rates.

Goolsbee’s comments came after US inflation data on Tuesday showed the consumer price index rose 3.1 percent year-on-year, higher than expectations for a 2.9 percent increase.

Gold fell about 1.4 percent after the consumer price index data, its largest daily decline since December 4.

The focus is now on US retail sales data scheduled for 1330 GMT and producer price index numbers due tomorrow, Friday.

As for other precious metals, platinum fell 0.3 percent to $886.46, and palladium fell 0.5 percent to $929.72. Silver also fell 0.1 percent to $22.35 an ounce.

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