Gold futures inched higher Thursday as traders weighed another round of U.S. inflation data.
Consumer prices in the U.S. edged slightly higher in the month of June, the Labor Department revealed a closely watched report released on Thursday.
The Labor Department said its consumer price index inched up by 0.1 percent in June after rising by 0.2 percent in May. Economists had expected consumer prices to increase by 0.2 percent.
Analysts say the Federal Reserve is all but certain to raise interest rates twice more in 2018 despite risks associated with President Trump's tariff squabbles.
Yesterday, the Labor Department said its producer price index for final demand rose by 0.3 percent in June after climbing by 0.5 percent in May. Economists had expected prices to edge up by 0.2 percent.
August gold added $2.20, or 0.2%, to settle at $1,246.60/oz.