Gold trading alert: Inflationary impact continues to ferment, gold price six consecutive positive or challenge 1900
Spot gold held steady around 1861 during the Asian session on November 12. Gold prices saw six consecutive positive days on Thursday, as inflation concerns continued to boost gold's appeal, despite the continued rise in the dollar index. Citi strategists expect gold prices could challenge the 1900 handle.
Spot gold was steady around 1861 during the Asian session on Friday (12 November). Thursday (Nov 11) saw a sixth straight positive for gold prices after strong US Consumer Price Index (CPI) data pushed investors to scramble for gold, which is seen as a hedge against inflation, and fading stock market popularity also supported gold prices, but a stronger dollar weighed on gold price gains.
The main focus during the day will be on the University of Michigan Consumer Confidence Index and job openings data, in addition, the New York Fed President Williams' speech also needs to be watched.
[Citi: Gold price can be expected to challenge $1900 in the short term].
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