Gold prices finished higher Wednesday, holding above the $1,800 level, after U.S. consumer inflation data for July surprised at a slower 8.5% annual advance than was anticipated. Goldman Sachs late Tuesday reduced its forecasts for the precious metal, along with silver, citing increased focus on the Federal Reserve’s shifting priorities.
Price action
Gold futures
GCZ22,
-0.36%
expiring in December rose $1.40, or 0.1%, to settle at $1,813.70 an ounce, following a gain of $7.10 to $1,812.30 on Tuesday, the highest level for the most-active contract since June 29, according to FactSet data.
Silver futures
SIU22,
+0.33%
expiring in September, rose 26 cents, or 1.3%, to $20.74, following a 13-cent drop to $20.48 on Tuesday.
Palladium futures
PAU22,
+1.20%
expiring in September rose $27.10, or 1.2%, closing at $2,245.90 per ounce, while platinum futures
PLV22,
+0.92%
expiring in October gained $13, or 1.4%, to close at $946.10 per ounce.
Copper futures
HGU22,
+1.30%
expiring in September gained 1.6% to settle at $3.65 per pound.
What analysts are saying Gold prices clung to a gain on Wednesday after U.S. consumer price inflation data slowed to an 8.5% yearly rate in July from 9.1% a month ago, potentially giving some breathing to the Federal Reserve around the size of its next interest rate hike. See: U.S. consumer price inflation surprises to downside in July While a sharp 7.7% decrease in gasoline prices helped decelerate headline CPI, “inflation pressures remain strong especi …