Gold gains after US PPI data, focus on Middle East tensions
GLD•Other precious metals
Spot silver XAG= dipped 0.1% to $58.58, while platinum XPT= gained 0.4% to 1,638.24. Palladium XPD= fell 0.1% to $1,303.50.
Inflation data and Fed expectations
The Producer Price Index for final demand dropped 0.3% last month after a downwardly revised 0.6% increase in May, the Labor Department's Bureau of Labor Statistics said. Economists polled by Reuters had forecast the PPI unchanged after a previously reported 1.1% advance in May.
Traders see about a 9.1% chance of a rate increase at the Federal Reserve's July meeting, versus 16.6% before the data, CME FedWatch Tool's data showed.
U.S. consumer inflation also slowed more than expected in June, data on Tuesday showed.
Gold edges higher after softer U.S. PPI
Gold prices reversed earlier declines and edged up on Wednesday after U.S. producer prices unexpectedly fell in June, although escalating tensions in the Middle East limited gains by keeping inflation and interest-rate concerns alive.
Spot gold XAU= rose 0.3% to $4,067.60 per ounce by 0858 a.m. EDT (1258 GMT). U.S. gold futures GCcv1 gained 0.2% to .
