big call but seems to be based on some good research and x referencing so really interesting to see how it all pans out.
Gold futures turn higher on inflation
By Myra P. Saefong & Kate Gibson, MarketWatch
NEW YORK (MarketWatch) -- Gold futures turned higher on Friday after U.S. inflation data for January proved tamer than expected and as traders offered a positive take on the Federal Reserve's step toward normalized lending.
The Labor Department estimated core consumer prices fell 0.1% in January, the first such decline since 1982. Read more about core inflation. Hot Stocks: Smith International rallies
Smith International shares rallied more than 14% Friday, pacing gains on the Philadelphia Oil Service Index on a day when most energy stocks are in the red. Schlumberger is reportedly in advanced talks to buy the oil-services company.
In early afternoon trade on the New York Mercantile Exchange, gold for April delivery was up $3.10 at $1,121.80 an ounce, off its intraday low of $1,099.30 an ounce.
The contract had ended with a loss of $1.40 in New York Thursday after touching a low of $1,098.10.
Prices had come off their lows by the close of Thursday's trading session as investors picked up on thinking that central banks would likely buy the remainder of gold being sold by the International Monetary Fund, which on Wednesday said it plans to sell 191.3 tons of gold. See Thursday's metals story. Fed surprise
Late Thursday in Washington, the U.S. Federal Reserve surprised financial markets by lifting the lending rate it charges banks. See story on U.S. Fed move.
The dollar index /quotes/comstock/11j!i:dxy0 (DXY 80.67, +0.27, +0.34%) , which tracks the greenback against a trade-weighted basket of six major currencies, was at 80.83, up from 80.38 ahead of the Fed move.
