Gold Flat Amid Tepid Inflation Data

April Insight- Economic data and market events to watch in the coming month

USA inflation expectations edged higher last month, with one measure hitting its highest level in a year, according to a Federal Reserve Bank of NY survey published Monday that adds to signs of price pressures.

The employee of a currency exchange shop counts US dollar banknotes, in Ciudad Juarez, Mexico November 10, 2017.

Last week, it ws announced that the USA created 313,000 new jobs in February, the biggest gain since mid-2016.

Gold is sensitive to moves in the dollar.

The Labor Department said its consumer Price Index rose 0.2percent last month after jumping 0.5 percent in January. That lowered the year-on-year increase in average hourly earnings to 2.6 percent from 2.8 percent in January.

The dollar also regained some ground after the White House said late last week that key US trading partners Canada and Mexico would be exempt from its highly criticized tariffs on steel and aluminum imports.

Gold prices crept lower on Tuesday as investors waited for United States consumer price data due later in the day to gauge the outlook for inflation and the Federal Reserve's rate hike stance.

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"Any markedly weaker-than-expected inflation readings this week could lead to a boost for stocks and further pressure on the struggling dollar", said James Chen, head of research at in Bedminster, New Jersey.

The dollar also slid against the Swiss franc CHF= and the British pound GBP=, as well as the Australian AUD= and New Zealand dollars NZD=.

The euro gained 0.2 percent against the dollar to $1.2355EUR= after the data.

The yen, which tends to perform well when markets are anxious, gained as traders eyed a suspected cover-up of a cronyism scandal involving Japanese Prime Minister Shinzo Abe and his close ally, Finance Minister Taro Aso.

After a strong start to 2018, the euro remains below the three-year peak hit in February of $1.2556.

"Today's unsurprising print should serve to confirm the central bank's commitment to gradualism, keeping markets in a much-appreciated'Goldilocks' phase for a little longer", said Karl Schamotta, director of global product and market strategy at Cambridge Global Payments in Toronto.



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