Gold futures were little-changed on Friday as a rally that has driven the price of the yellow metal higher by 17% since Nov. 2 took a breather.
Price actionMarket drivers The rally in gold prices took a pause as the U.S. dollar strengthened on Friday, precious metals analysts said.Price action Market drivers The rally in gold prices took a pause as the U.S. dollar strengthened on Friday, precious metals analysts said.
Gold prices were little-changed even after the Federal Reserve’s preferred inflation indicator, the PCE index, showed consumer prices increased by just 0.1% in December, the smallest increase in 15 months. The annual increase in prices slowed to 5% in December from 5.5% in the prior month and a 40-year high of 7% last summer. The increase in the core rate of inflation in the past 12 months decelerated to 4.4% from 4.7%. That’s also the lowest level in 14 months.“The gold market is pausing after recent gains that pushed prices to a nine-month high on Thursday,” said Jim Wyckoff, senior analyst at Kitco.com.
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