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Bullion lose lustre
13-Jun-18   10:30 Hrs IST

Bullion prices fell at Comex on Tuesday, 12 June 2018. Gold prices fell below $1,300 an ounce on Tuesday, as an agreement between the U.S. and North Korea aimed at denuclearizing the Korean Peninsula muted demand for the haven metal, ahead of an expected interest-rate hike by the Federal Reserve.

The move came as a report showed U.S. consumer inflation is trending higher, a signal that markets believe will push the Federal Reserve into raising interest rates this week and possibly again later this year.

August gold fell $3.80, or 0.2%, to settle at $1,299.40 an ounce, after tapping a high near $1,305 during the session. July silver fell 0.4% to $16.891 an ounce.

U.S. stocks were mixed, but largely held their ground in the wake of the geopolitical headlines.

Competition for market attention also fixed on interest-rate policy. The Federal Reserve is expected to raise interest rates after its two-day meeting, which ends Wednesday. European Central Bank policy makers are expected to announce the timing of a reduction of its crisis-era asset-purchase initiative when it meets on Thursday.

On Tuesday, the ICE U.S. Dollar Index, a measure of the dollar against a half-dozen major currencies, was up 0.3%. It has climbed by roughly 4% so far this quarter, helping to put pressure on dollar-denominated gold prices, which have lost roughly 2% for the quarter, according to FactSet Data.

As for Tuesday's economic data, government data showed that the consumer-price index has risen 2.8% in the past 12 months, up from 2.5% in April. That's the highest level since early 2012. The yearly increase in the core rate edged up to 2.2%. Inflation can be a mixed bag for gold; it can put pressure on central banks to hike rates, hurting nonyielding bullion, but gold has historically maintained a role as an inflation hedge for long-term investors.

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