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Gold prices ease near $1,800 on taper uncertainty

Gold prices ease near $1,800 on taper uncertainty

Mubasher: Gold prices have consolidated near the main $1,800 level on Wednesday, as softer US inflation data indicated uncertainty about the Federal Reserve’s tapering timeline.

US gold futures eased 0.3% to $1,801.80 and the spot gold prices were down 0.2% at $1,800.38 per ounce, Reuters reported.

Analysts said gold received a small boost from the lower-than-expected consumer price index (CPI) on Tuesday, and bond yields retracing from their recent highs has not been enough to attract the renewed demand for gold.

Silver prices also eased 0.3% to $23.77 per ounce.

Analysts noted that even if there is not yet any clear bullish trend on silver, the bearish pressure seems to be losing strength.

 Platinum and Palladium hit $925.50 and $1,977.74, respectively.