Gold futures gave up ground in American trade away from June 26 highs, as the dollar index traded flat, following earlier inflation data from the US, and ahead of anticipated speeches by Federal Reserve governors later today.
As of 02:10 GMT, gold futures due on August 15 slipped 0.33% to $1,251.20 an ounce from the opening of $1,255.40, while the dollar index barely inched up to 94.17 from 94.16, moving off June 14 lows for the third straight session.
Earlier US data showed producer prices rose 0.3% in June, slowing down from 0.5% in May and beating estimates of 0.2%, while core prices rose 0.3%, same as before and also beating forecasts of 0.2%.
The final reading for wholesale inventories showed a 0.6% increase, up from 0.5% in the preliminary reading, and 0.1% in April.
Federal Reserve Bank of Atlanta President Raphael Bostic is scheduled to speak at the Virginia Society of Certified Public Accountants, while Federal Reserve Bank of New York President John Williams is due to speak about the local economy at a town hall event, in Brooklyn later today.
World Gold Council
Recently, the World Gold Council reported a 7% drop in global demand in the first quarter of 2018 to 973.5 tonnes, the lowest since the first quarter of 2008, as investments fell 27% on the precious metal to 287 tonnes from 383 tonnes in the first quarter of 2017.
Central banks' gold demand rose 42% to 116.5 tonnes, especially from Russia, while jewelry demand steadied at 487.7 tonnes, as mine supplies grew 1% y/y to 770 thousand tonnes.
Palladium prices fell nearly one percent in American trade off June 21 highs, as the dollar index traded mostly flat, following earlier data from the US, the world's largest economy.
As of 01:51 GMT, palladium prices fell 0.65% to $937.39 an ounce from the opening of $943.50, while the dollar index barely inched down 0.02% to 94.14 from the opening of 94.16.
Earlier US data showed producer prices rose 0.3% in June, slowing down from 0.5% in May and beating estimates of 0.2%, while core prices rose 0.3%, same as before and also beating forecasts of 0.2%.
Federal Reserve Bank of Atlanta President Raphael Bostic is scheduled to speak at the Virginia Society of Certified Public Accountants, while Federal Reserve Bank of New York President John Williams is due to speak about the local economy at a town hall event, in Brooklyn later today.
US crude futures remained below $74 a barrel in American trade on Wednesday on track for the first loss in four days, ahead of the Energy Information Administration's report on US crude stocks and output.
As of 13:04 GMT, US crude was down to $73.36 a barrel from the opening of $74.21, with a session-high at $74.25, and a low at $73.13.
US crude closed up 0.2% yesterday, the third daily loss in a row.
The American Petroleum Institute reported a drop of 6.8 million barrels in US crude stocks in the week ending July 6, passing expectations of a 4.5M drop.
According to the initial data, US commercial stocks are now down to 410.1 million barrels, the lowest since the week ending January 12 in a positive sign for demand in the world's largest energy consumer.
Now investors await official data from the EIA, expected to show a drawdown of 4.1 million barrels last week.
US production is expected to remain at 10.90 million bpd, already a record high.