Gold Trims Gains On U.S. Inflation Data, Finds Support in Softer Dollar

from Kitco

Nov 27 (Reuters) – Gold rose on Wednesday, rebounding from an over one-week low hit in the previous session, on a weaker dollar, but trimmed earlier gains after data showed stalled inflation progress, hinting that the U.S. Federal Reserve might be cautious on further rate cuts.

Spot gold was up 0.3% at $2,638.90 per ounce, as of 01:41 p.m. ET (1841 GMT). U.S. gold futures settled 0.7% higher at $2,639.90.

U.S. markets to be closed on Thursday in observance of the Thanksgiving holiday.

U.S. consumer spending increased solidly in October, but progress lowering inflation appears to have stalled in the past months.

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