Precious Metals Preview: COMEX gold and silver futures stay relatively flat; US PPI in focus

COMEX gold and silver futures are staying more or less flat but holding over 2-month high in early Asia on Thursday as dollar is steadying under 100 mark after data showed cooling inflation in US that reduced bets of Fed rate hike. The US Bureau of Labor Statistics reported that the headline Consumer Price Index (CPI) growth cooled down to 3.4% on year from 3.5% in June. The core CPI ? which excludes volatile food and energy items ? also arrived lower at 2.5% YoY, against the previous reading of 2.6%. Markets now shift focus on the US Producer Price Index (PPI) data for July for further clarity. Pull back in oil prices are also seen supporting the yellow metal which is currently quoting at $4467.90 an ounce while silver is marginally lower at $65.64 per ounce.

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