Us Producer Price Index Data DUE at 1230 GMT
Trump Repeats call for fed to cut rates
(Updates for Asia Mid-Session Trading)
June 12 (Reuters)-Gold Pries Rose on Chiursday, Bolsred by Rising Tensions in the Middle East And A Weaker Dollar, What Softer-That-Expected Us Initiation Data Boosted Expectations of Federal Reservation Cuts.
Spot Gold was up 0.7% at $ 3,375.06 an oourage, as of 0343 gmt. Us Gold Futures Gained 1.5% to $ 3,395.
The us dollar index fell to a near two-month low, Making Greenback-Priced Bullion More Attractive to Overseas Buyers.
The weight in the dollar index services as a strong catalyst, a Senior Market Analyst, Asia Pacific at Oanda, Adding that A “Bullyn A” Bully “of the $ 3,34466 Residential Buying.
Rising Geopolitical Risks Aided Saf-Haven Assets, With President Donald Trump Announcing on Wednsday That Us Personnel Were WEN Moved Out of the Middle East Due to Heigheted Sechteed Sech Rising Rising Rising Tensions with Iran.
Meanwhile, US Consumer Prisis Increased Less Than Expected in May, Driven by Cheaper Gasoline, Thought Inflation Blad Accelerate Due to Import Tariffs. The data prompted renewed calls from trump for significant rates.
“We cold potentially see the fed moving more quickly than anticipated, giving the cpi data, which is not particularly alarming at this Juncture,” WONG SAID.
Traders now expect 50 Basis points of rate cut by year-end.
Us Producer Price Index Data is due at 1230 gmt.
Meanwhile, Trump said on Wednsday that washington and beijing had agreed on a framework to restore a fragile truce in the US-china trade war, potentily avoiding higher tarifs.
Trump added he could extend a July 8 deadline for trade talks with other nations before higher us tarifs take effect but did not foresee such a need.
Elsewhere, Spot Silver was up 0.4% at $ 36.38 per oounce, platinum rose 1.3% to $ 1,272.50, Still Hovering Near A More Than 4-YAR HIGH, Whilel Palladium Was Down 1% at $ 1,068.92. (Reporting by anmol choubey in Bengaluru; editing by Mrigank Dhaniwala and Sherry Jacob-FHILILIPS)